The Bounce Back Loan scheme enables small businesses to borrow between £2,000 and £50,000 and access the cash within days.
The Government has extended the scheme until 31 January 2021 for new applications. On Monday 2 November 2020 it was announced that eligible businesses will be able to top up existing bounce back loans should they need additional finance.
The Government guarantees 100% of the loan and you won’t have to pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months either. After 12 months, the interest rate for the loan will be 2.5% a year.
The scheme is being delivered through a network of accredited lenders.
For further details on how to apply, click here.