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The Bounce Back Loan Scheme (BBLS) has provided support to many UK based small businesses...
The Bounce Back Loan Scheme (BBLS) has provided support to many UK based small businesses. Loans are between £2k and £50k, capped at 25% of turnover, with a 100% Government guarantee to the lender. The borrower does not have to make any repayments for the first 12 months, with the Government covering the first 12 months' interest payments. Under a 'Pay As You Grow' scheme, businesses will have options to:
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides loan facilities to UK based businesses with turnovers under £45 million. The scheme provides loans of up to £5m with an 80% Government guarantee to the lender. The Government does not charge businesses for this guarantee and it covers the first 12 months of interest payments and fees.
The Government has announced that as part of the Winter Economy Plan it intends to allow CBILS lenders to extend the term of a loan up to ten years.
The Government is also extending the CBILS and BBLS to 30 November 2020 for new applications.
Applications for the Coronavirus Large Business Interruption Loan Scheme and the Future Fund will also be extended.
For more information on any aspect of business loans or corporate banking, please contact us.