Bounce Back Loan | UK-wide

The scheme is open to applications until 31 March 2021.

Summary:

Government-backed loans for UK-based small and medium-sized businesses ranging from between £2,000 and £50,000.

Eligibility criteria:

You can apply for the Bounce Back Loan if your business:

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely affected by coronavirus

If your business was classed as a business in difficulty on 31 December 2019 you’ll need to confirm that you’re complying with additional state aid restrictions.

The following businesses are not eligible to apply:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

You cannot apply if you're already claiming under:

If you’ve already received a loan of up to £50,000 under one of these, you can transfer it into the Bounce Back Loan scheme. You have until 31 March 2021 to arrange this with your lender.

Additional information:

The Bounce Back Loan scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months, the interest rate will be 2.5% a year.

If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount. You must request the top-up by 31 March 2021.

Repayments
The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

Before your first repayment is due, your lender will contact you about further options to:

  • extend the term of your loan to 10 years
  • move to interest-only repayments for a period of 6 months (you can use this option up to 3 times)
  • pause your repayments for a period of 6 months (you can use this option once)

How to apply
The Bounce Back Loan scheme is open to applications - apply for a coronavirus Bounce Back Loan

Support organisation:
  • Accredited lenders
Search for other business support:

Search the Business Support Finder