Bounce Back Loans now available for small businesses.
Small businesses that struggle due to the COVID-19, can now apply for a 100% government-backed bounce back loans up to £50,000, with no interest or repayments for the first 12 months.
Bounce back loans offer:
- Funding from £2,000 to £50,000
- No interest or repayments for first 12 months
- After 12 months the interest charge will be 2.5% fixed
- Early repayments possible without any penalty
- No need for personal security (loans are unsecured)
- You will need a business bank account with the lender to access the funding
There are several business finance providers that offer those loans. The full list is available on British Business Bank website.
Please note you can only have one government backed loan so please chose one suitable for your finance need. If you need more than £50,000 in funding, the CBILS loan is more appropriate. If you already applied for BBLS but need more funding, the CBILS loan will have to repay your BBLS loan, rather than top it up.
Fraud warning: BBLS is managed by the British Business Bank only through accredited lenders and supported by a range of approved partners. Please ensure that you only apply for a BBLS-backed facility through an accredited lender or partner. At Glade Financial we only offer help through those accredited lenders.