You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
Who cannot apply
The following businesses are not eligible to apply:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- further-education establishments, if they are grant-funded
- state-funded primary and secondary schools
You cannot apply if you're already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS), however, if you have received a loan through CBILS you can transfer it to the Bounce Back scheme.
Pay as You Grow
Pay as you Grow enables businesses who have started repaying their loans to:
- request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%
- reduce their monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan
- take a repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan
Lenders will inform their customers about PAYG directly, so borrowers should wait until they are contacted by their lender before enquiring about the scheme.
Loans are available through a number of lenders including: Danske Bank, Santander, Ulster Bank and Barclays.
Businesses should apply directly through a lender.
Apply with Ulster Bank
Apply with Santander
Apply with Barclays