The Bounce Back Loan scheme will offer loans from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower. The UK government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. The government has then set the interest rate for this facility at 2.5% per annum for subsequent years.
No repayments will be due during the first 12 months. Length of the loan is for six years. There will be a short, standardised online application to apply for a loan. The scheme can be accessed through a network of accredited lenders. Read more here
