[UPDATED FEBRUARY 2021] The Bounce Back Loan Scheme (BBLS) was an initiative struck up between the Government and banks to enable small businesses to access finances more quickly through the pandemic. It allowed businesses to have access to 25% of their 2018/19 turnover, with a minimum loan of £2,000 and a maximum amount of £50,000. The loan would need to be repaid within 6 years at a reduced interest rate of 2.5% and the Government would pay the first 12-months of the interest on your behalf.
The BBLS became a survival blood for many small businesses and initially the banks had set the cut-off date for applications to 30th November 2020 after the government had initially stated the deadline as 4th November 2020.
Now the government have asked the banks to extend the date even further, so now small businesses have until 31st March 2021 to apply for the BBLS.
To apply you can have a look HERE for all available providers of the scheme. All you need to do, is to go online and apply from your bank provider (if they are listed). If you do not have a business bank account you will more than likely need a copy of your 2018/19 tax return to upload for them.
As our customer, if you require any assistance applying for the BBLS then please call us on 020 8761 8000.