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New business loans

April 28th, 2020 Posted by Accountancy 0 thoughts on “New business loans”

Bounce Back Loan Scheme

On 27 April 2020 the government released a new scheme called the “Bounce back loan scheme”.

This scheme is not available yet. It will launch on 4 May 2020.

The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.

The government will guarantee 100% of the loan and there won’t be any fees or interest 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. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.

The scheme will be delivered through a network of accredited lenders.

 

Eligibility

You can 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 December 2019

 

Who cannot apply

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • further-education establishments, if they are grant-funded
  • state-funded primary and secondary schools

 

If you’re already claiming funding

You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).

If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.

 

How to apply

The Bounce Back Loan scheme will launch on 4 May 2020.

More information about the scheme will be published shortly.

I have already spoken to one high street lender who have confirmed:-

“A new Government loan scheme (Business Bounce Back loan) will be available from Monday the 4th May.  While we don’t yet have all of the information available the Chancellor confirmed in his Statement to Parliament that the loan terms for the new scheme will include no capital or interest repayments in the first year, compared to 6 months with the current scheme.  The new scheme can only be applied for using an online form and doesn’t require an interview or any financial information.  We are still waiting for full details, such as the interest rate, however Lloyds Bank / Bank of Scotland will participate in the scheme.  Full details of the scheme and the application form will be available on our website from Monday.  If you would like to apply for this loan there will be no need to call in, you can apply directly online.”

As ever if you have any queries please do not hesitate to get in touch.

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