Inspiring Business by Sharing Success
Added by Love Business East Midlands | 4 May 2020
UPDATED: 5 May 2020
The bounce-back loans scheme specifically targets small and micro businesses in all sectors, providing loans from £2,000 up to 25 per cent of their turnover with a maximum loan of £50,000.
Delivered by lenders accredited by the British Business Bank, the bounce-back loans scheme provides lenders with a 100% government-backed guarantee and a simplified application process is expected to free up cash for many businesses within days. The Treasury wrote to British lenders confirming that the scheme (BBLS) would be excluded from stringent consumer protection laws to help speed up the process of getting money to small businesses.
"Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic. The bounce back loan scheme will make sure they get the finance they need – helping them bounce back and protect jobs."
"....As a 100 per cent guaranteed loan scheme, the price of BBLS is critical to its success: together, we need to ensure that these loans are affordable and accessible. As such, and incorporating a range of data, I have come to the decision that the rate should be set at 2.5 per cent,"
Chancellor Rishi Sunak
Businesses from all sectors can apply for a facility. The business must self-certify to its lender the following:
Businesses should check the British Business Bank website to find out which lenders provide Bounce Back Loans.
Businesses will be required to fill in an online application form on their lender’s website, which self-certifies whether they are eligible for a Bounce Back Loan facility. Eligible companies will be subject to standard customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. Some State aid restrictions may apply to applications.
East Midland Chamber Derbyshire, Nottinghamshire, Leicestershire
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www.emc-dnl.co.uk