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Bounce Back Loan Scheme

Government bounce back loan scheme

Monday, May 4, 2020

The Government has today launched what may well prove to be an extremely popular loan scheme. 

Application forms are completed online with any of the approved banks.  The business bank will tell you which are the approved banks.

The terms of the scheme are:

  1. 25% of turnover capped at £50,000.  The loan is 100% Government-backed.
  2. Eligibility criteria are that you have been negatively affected by CV (who hasn’t) and you were not an undertaking in difficulty as at 31 December 2019.
  3. We are promised an easy to complete online application form where you certify eligibility.
  4. There is no capital repayment in the first 12 months during which time the Government pays the interest.  For the remaining 5 years of the scheme, you repay capital and interest at 2.5%.
  5. There is no early repayment penalty, no personal guarantees, no bank fee, and no recovery against personal assets.

I think this is a potentially good piece of news.  Not as good as a grant but a whole lot better than the ill-fated coronavirus business interruption loan scheme.

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