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AAB / Blog / Bounce Back Loans for Small Businesses
BLOG4th May 2020
The UK government has announced a new fast-track finance scheme, providing loans with a 100% Government-backed guarantee for lenders. The “Bounce Back Loans” scheme will provide small businesses with loans between £2k and £50k.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days. The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No capital repayments will be due during the first 12 months, and loan terms will be up to 6 years. The maximum amount that a business will be able to access through the scheme will be the lower of 25% of turnover or £50k.
The loans is applied to via a standardised online application. The loan should reach businesses within days, providing rapid support to those that need it as easily as possible.
The scheme launched on Monday 4 May, and firms are able to access these loans through a network of accredited lenders. Businesses can not to apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (“CBILS”).
The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan. Some of those accredited for CBILS will not be participating in this new scheme due to the low lending ceiling.
Our understanding is that there will be no viability test, though some fraud checks would have to be completed. There is no limit on a firm’s turnover and firms do not need to show proof of turnover (only self-certify), but it is expected that only smaller firms will apply because of the limit on funds.
Eligibility
You can apply for a loan if your business:
The following businesses aren’t eligible to apply:
If you have any questions at all, please do not hesitate to contact us.
If you are unsure about what government support package is available to your business, we are here to help.
SPEAK TO US ABOUT GOVERNMENT SUPPORT
How AAB can help you with
Many businesses encounter challenges in implementing their strategies and generating traction. Our business advisory team provides effective tools for business owners at every stage of the lifecycle and approaches to overcome these obstacles. We offer guidance to help you achieve and maintain traction, while also ensuring accountability for you and your team. We can help you to understand your business performance and identify what you can do to improve profit and create time.
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