Coronavirus Bounce Back Loan

04/05/2020

The Coronavirus Bounce Back Loan is a scheme helps small and medium-sized businesses affected by Coronavirus to access loans of between £2,000 and £50,000.

The loan is 100% guaranteed by the government and there won’t be any fees to pay for the first 12 months.
Loan terms will be up to 6 years
No repayments will be due during the first 12 months
Fixed interest rate of 2.5% (based on HSBC, Lloyds, Barclays and Bank of Scotland)

You may apply for a loan if your business:

Is based in the UK
Has been negatively affected by Coronavirus
Was not an ‘undertaking in difficulty’ on 31/12/2019

You may not apply for a loan if you are:

A bank, insurer and reinsurer (but not insurance brokers)
Public-sector bodies
State-funded primary and secondary schools
Already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS)

For more information on the Coronavirus Bounce Back loans go to:

https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans

To apply for a Coronavirus Bounce Back Loan go to:

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

For the latest notices, updates and information from the Welsh Government go to:

https://gov.wales/coronavirus

To stay up to date on the support available for business in Wales go to:

https://businesswales.gov.wales/coronavirus-advice/

For more information on what your bank can provide simply search your bank name and ‘Bounce Back Loan’, some examples below:

https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme

https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/

https://www.lloydsbank.com/business/coronavirus/bbls.html?WT.ac=lloyds-bb-covid_19-gov_scheme-tile-FOM-bbls_homepage