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Coronavirus (COVID-19) Bounce Back Loan Scheme

This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.

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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.

Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

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 

If you're already claiming funding 

You cannot apply if you're already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you've already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

How to apply 

The Bounce Back Loan scheme can be applied for on the following page: 

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

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