The Bounce Back Loan Scheme (BBLS)
What you need to know
On April 27th, following the criticism of the recently-introduced Coronavirus Business Interruption Loans Scheme (CBILS), the government announced the Bounce Back Loan Scheme (BBLS). Businesses will be able to borrow between £2,000 and £50,000, with an initial 12-month interest-free period. The cash can be accessed within days thanks to the finance fast track finance scheme.
Can this help my SME?
The changes announced now mean that SMEs with a years’ trading history are now eligible to apply as long as they can demonstrate proof that their business will be able to repay the loan. Under the CBILS, government guarantees can be used to secure overdraft facilities, term and asset-backed loans, with an initial 12-month interest-free period.
Contact Rich Visions today
Our Rich Visions team are offering free consultations for SMEs to ascertain their eligibility for the scheme and can also offer further support throughout the application process. If this is of interest to you, please fill out the form below and a member of our team will be in touch.
Contact us on our emergency business hotline. We’re available if you need to speak about COVID-19 and your business during this unprecented time – 07383 876142
Please note only company owners/directors will be eligible to apply.