The business must confirm to the lender that the loan will only be used to provide an economic benefit to the business, for example providing working capital, and not for personal purposes.
If the business was a “business in difficulty” on 31 December 2019, then a loan under the Scheme is not permitted to be used for export-related activities.
There are no limits on the amount of the facility that can be used for refinancing.
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?