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DATE: 4 May 2020, FROM British Business Bank
Following the Chancellor of the Exchequer’s announcement on 27 April, I’m writing to inform you that the Bounce Back Loan (BBL) Scheme opens for applications from today.
Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all sectors, providing loans from £2k up to 25% of the business’ turnover with a maximum loan of £50k.
Providing lenders with a 100% government-backed guarantee and standardising the application form is expected to lead to a faster process with many loans becoming available within days.
For the best source of up to date information, visit the BBL page on their website.
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The Bounce Back Loans Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year. The government will cover interest payable in the first year.
Any queries by SMEs in relation to their specific circumstances must be directed to one of the accredited lenders and not to the BBB.
OTHER BUSINESS FINANCE SUPPORT OPTIONS
You can also find details of other government measures to support public services, people and businesses through this disruption on the Government’s Business Support website.
GUIDANCE AND SUPPORT FOR YOUR BUSINESS DURING THIS PERIOD OF UNCERTAINTY
The British Business Bank and The Institute of Chartered Accountants in England and Wales (ICAEW) have created new content to help businesses that are facing financial and operational challenges as a result of the coronavirus outbreak. You can view this regularly updated guidance at the Business Finance Guide website.
I do hope the above guidance and attached information is helpful and will continue to share information with you as and when it becomes available.
Senior Manager – West Midlands, UK Network