Frequently Asked Questions

Loans under the Bounce Back Loan Scheme are available over a fixed six-year term More Bounce Back Loan Questions and Answers What term can I borrow a BBL over? What BBL fees/interest will I be […]

The government has set the interest rate for this facility at 2.5% per annum. Lenders are not permitted to charge any fees. More Bounce Back Loan Questions and Answers What term can I borrow a […]

The borrower is 100% liable for repaying the loan and any interest. The government will cover interest payable to the lender for the first 12 months. The borrower will then need to make full repayments […]

Accredited lenders are only permitted to provide term loans under the Scheme. The Scheme is targeted at supporting those businesses who need access to finance quickly and, therefore, requires lenders to offer a standard product. […]

The Scheme has been designed to enable businesses to access finance quickly. Businesses are required to complete an online application form, which is expected to be assessed by their lender within a matter of days. […]

Businesses can apply for between £2,000 up to 25% of their turnover, the turnover being from the calendar year 1st January 2019 to December 31st, 2019. The maximum loan available under the Scheme is £50,000. […]

The Scheme is intended to be a temporary response to the unprecedented challenges to businesses as a result of coronavirus (COVID-19). The Scheme will initially open until 4 November 2020, with the government retaining the […]

The Scheme will be available through the British Business Bank’s accredited lenders. Businesses will be required to fill in a short online application form and self-declare that they are eligible for the Scheme. In the […]

The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020. Borrowers are required to declare, amongst other things, that: The […]

The Bounce Back Loan Scheme is a new scheme introduced to help smaller businesses impacted by coronavirus (COVID-19). It aims to assist those businesses to borrow between £2,000 up to 25% of a business’ turnover […]