‘Bounce Back’ Loan Scheme (BBLS)

The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.

  • Loans Range from £2,000 to £50,000
  • 100% Guarantee provided by HM Government to the lender
  • Maximum loan – 25% of turnover
  • Apply via newly created “streamlined” online standardised application process with bank or lender
  • Interest charges covered by government for first 12 months
  • No repayments during first 12 months
  • Interest rate 2.5%
  • Six year term
  • No early repayment fees (minimum repayment £2K)
  • No personal guarantee (PG)
  • If sole trader/partner – cannot affect personal home and car
  • No forward viability test or proof of ability to repay
  • Loans available through a network of accredited lenders
  • No restriction on the total amount of the facility to cover refinancing
  • Cannot apply if you have had CBILS. However, if you have already received a loan up to £50,000 under CBILS and would like to transfer it to the Bounce Back Loan Scheme, you can arrange this with your lender until 4th November 2020.
  • Assessed ‘in a matter of days’
  • You (the business) remains 100% liable for the debt

Eligibility:

  • is based in the UK
  • has been negatively affected by coronavirus
  • Whether or not the business was, on 31 December 2019, a “business in difficulty” and if it was a “business in difficulty” then it must confirm it does not breach de minimis State aid restrictions and will not be used to support export-related activities.
  • At the time of submitting their loan application, the business is neither in bankruptcy, debt restructuring proceedings, liquidation or similar.
  • More than 50% of the income is from trading activity

More information available here.

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