The UK government’s Bounce Back Loan scheme to help small businesses through the coronavirus pandemic is set to end on Wednesday 30 September.
Since May, small and medium-sized businesses have been able to apply for the 100% government-backed loans, which enable them to borrow between £2,000 and £50,000.
You can apply for a Bounce Back Loan if your business is based in the UK, was established before 1 March 2020 and has been adversely impacted by the coronavirus pandemic.
The UK government provides lenders with a 100% guarantee, covering the cost of any fees and interest on the loan for the first 12 months – after 12 months, the interest rate is 2.5% a year. The length of the loan is six years, with fee-free early repayments – no repayments are due during the first 12 months.
The loans are available through a network of accredited lenders, including the five largest banks, and businesses can apply by filling out a simple online form.
Find out more about the Bounce Back Loan scheme here.