Bounce Back Loans Scheme
This week, you may have seen the new loan scheme that’s been introduced by the govt to further ease the pain small businesses are facing at the moment. The Bounce Back Loans scheme (or, BBLS) won’t officially come into force until the beginning of next week, but we thought there’s no harm in summarising the key facts for you.
- The scheme is due to officially come into force at the beginning of next week,
- Small businesses able to apply for loans of up to £50,000,
- Applications can be made simply via an online form,
- money is expected to be paid out within days of applying,
- Like the CBILS, fees and interest that falls due within the first 12 months of the loan.
The BBLS will run in tandem with the CBILS support scheme, which suggests that CBILS will only be necessary for loans above £50,000 and for lending other facilities other than loans.
This is still early days for the BBLS. Keep your eyes peeled as we’ll let you know any more key information as and when we can.
Finally, as ever, if you’re reading this and thinking you might benefit from having a chat with one of our Commercial Finance team, give Neil Nesbit or Steph Cooper a call on 07971 442948 and 07975 924121, respectively.
#CommercialFinance #BusinessSupport #FinancialPlanning #Covid19 #BBLS #CBILS