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Bounce Back Loan Scheme

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.

The Bounce Back Loan Scheme

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

Eligibility

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

Find more information about the Bounce Back Loan

This page was last updated 9 February 2021.