After considerable pressure from the FSB and small businesses generally this latest scheme the Bounce Back Loan Scheme (BBLS) will launch as from 0900 this morning Monday 4th May. For more info – https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans
The pressure came from the fact that very many small businesses were overlooked or did not qualify for the earlier support initiatives. This is particularly noticeable within our business and our clients’ industry sectors. The Business Rates Grant of course was only accessible if you have a separate and dedicated business premises. The coronavirus business interruption loan scheme (CBILS) has proved to be protracted and difficult to access and only guarantees 80% of the loan anyway.
So for the very many especially small businesses this BBLS is now an option also. It is 100% underwritten by the Treasury with loans from £2000 to £50,0000, there will be an interest and fee free period of 1 year, thereafter the rate of interest on the BBLS will be no more than 2.5% and the repayment term can be up to 6 years.
You can apply for a loan if: Your business is based in the UK, your business has been negatively affected by coronavirus and finally your business was not an ‘undertaking in difficulty’ on 31st December 2019.
The loans are designed to be fast-tracked and require the completion of just a two page online application form. The big lenders are suggesting that existing customers could receive their cash in as little as 24hrs.
You cannot apply for this loan if you are already claiming under the CBILS.
Thanks for taking the time to read this, I know and accept that it may not apply to you personally. But we care about our customers, if our updates and information help just 1 person then it has been worthwhile.