The Bounce Back Loan Scheme (BBLS) is now closed to new applications, including applications for Top-Ups.
BBLS applications received by 23.59 on 31 March 2021 can be processed through to 31 May 2021.
The government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. PAYG could give you more time and flexibility to pay back your loan. Pay As You Grow options will be available to you once you start to repay your Bounce Back Loan 12 months after it was first approved. Click here for more information.
The Bounce Back Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial back of the Secretary of State for Business, Energy, and Industrial Strategy (BEIS). British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk
Following the Chancellor of the Exchequer’s announcement on 27 April 2020, the Bounce Back Loan Scheme is now open for applications. 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.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
By taking steps to diversify and expand your global market you are actively reducing risk and making your business more financially sustainable for the future. So wherever you are on your journey, from securing your first overseas sale to developing a strategy that will help you to grow and succeed, our international experts are on hand to help you.
In response to the Coronavirus outbreak, the Hub has developed a range of resources and guidance to ensure businesses feel supported and are prepared to act quickly as the situation unfolds.
There’s a wealth of business support available to organisations across the North. Please see below to find out more about the specific COVID-19 support and resources available in your area.