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 government will cover the interest repayments for the first 12 months.
The government-backed guarantee on the loan is a guarantee to lenders. Businesses remain 100% liable to repay the full loan amount, as well as interest, after the first year.
More Bounce Back Loan Questions and Answers
- What term can I borrow a BBL over?
- What BBL fees/interest will I be required to pay?
- When do I have to start BBL repayments?
- What products are offered on the BBL Scheme?
- How long will it take me to get the BBL funds?
- How much can I apply for with a BBL?
- How long is the BBL scheme open?
- How do I apply for a Bounce Back Loan?
- Am I eligible for a Bounce Back Loan?
- What is a Bounce Back Loan?