Helping businesses to bounce back
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
It was launched on May 4 and is designed to help small and medium businesses borrow between £2,000 and up to 25% of their turnover, up to a maximum of £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.