Business Renewals

Bounce Back Loan Scheme

COVID 1

As of the 4th May 2020 Micro-businesses and SME’s will be able to apply for the Bounce Back Loan Scheme which can offer up to £50,000 within 24 hours.  The criteria set is almost self-certifying with little checks being carried out by the banks and all loans are interest free for the first 12 months with the balance likely to be charged at a rate of 3% which is around half the rate set in the Coronavirus Business Interruption Loan.

In the main, the Bounce Back Loan Scheme will work as follows:

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