Bounce Back Loans overview

Today (4th May) is the launch of the newly announced bounce back loan scheme, introduced by the government as a way to give immediate help to businesses that are struggling with the CBILs (Coronavirus Interruption Loan Scheme).


So far the over £4.1 billion has been paid out to more than 25,000 businesses in the U.K. but many applications are taking longer than anticipated to be processed, or they didn't make it past the first hurdles. The applications have indeed been rigorous.





Details of the loan


  • Loans will be interest free for the first 12 months

  • Lend between £2000 and £50,000, a maximum of 25% of your turn over

  • Loans are 100% government backed (CBILs are only 80% backed)

  • Loan terms will be up to 6 years.

  • No repayments will be due during the first 12 months.

  • Interest for the remainder of the loan period to be set at 2.5%

  • Available from 9.00am today

  • Simpler application process

  • You can refinance your CBIL if below £50k (speak to your lender, deadline 4th November 2020)


Eligibility


You can apply for a loan if your business:


  • is based in the U.K.

  • has been negatively affected by corona virus

  • was not an ‘undertaking in difficulty’ on 31 December 2019


Things to consider


  • Government back means taxpayer backed

  • Speak to an accountant before applying to make sure this is the right lending option for you

  • Ensure you have a plan to replay the dept

  • Consider all options of funding, there might be less risky options out there




First accredited Lenders


Barclay's Bank

https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/

Lloyds Bank

https://www.lloydsbank.com/business/coronavirus/bbls.html

Royal Bank of Scotland

https://www.business.rbs.co.uk/business/support-centre/service-status/coronavirus/bounce-back-loan.html

Natwest

https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html

Santander

https://www.santander.co.uk/business/borrowing-and-finance/bounce-back-loans

Clydesdale Bank

https://secure.cbonline.co.uk/landing-pages/business-bounce-back-loan/

Danske Bank

https://danskebank.co.uk/business/products-and-services/loans-and-credit/bounce-back-loan-scheme

Ulster Bank

https://digital.ulsterbank.co.uk/business/support/service-status/coronavirus/bounce-back-loan.html


We are happy to help if you need a professional pair of eyes on the matter. Get in touch at hello@bluearrowaccounting.co.uk


0 views
THE  ARROWS
NUMBERS
FIND US

Sunnybank House, High Street, Mayfield,  TN20 6AA


hello@bluearrowaccounting.co.uk

Mon - Thurs: 9.30am - 5.30pm

  • Twitter - White Circle
  • LinkedIn - White Circle
  • Facebook - White Circle
  • Instagram - White Circle

© 2023 by Blue Arrow Accounting Ltd Registered Company No. 11414873