The Bounce Back Loan Scheme (BBLS) is designed to enable businesses to access finance more quickly during the COVID19 crisis.
What are the key details of the scheme?
- 100 Government-backed, it pays the interest for the first 12 months
- Between £2,000 to 25% of turnover, to a maximum of £50,000
- After the first 12 months, interest payable at 2.5% for the loan term (6 years)
- No fees, no guarantees, early repayment is allowed
- Open until 4 November 2020
How much money does my business need?
Businesses can borrow from £2,000 up to 25% of turnover, but capped at £50,000. Firstly, you need to know what your turnover is – but do you know what it is?
The question of funding ultimately depends on having a solid forecast for the next 6-12 months. You need to be able to reliably project your sales, which will in turn inform whether you can afford to pay your staff and meet your other fixed and variable operating costs.
Can I access this if I am self-employed?
Need help navigating through the rough waters?
Get in touch. Phone us on 020 3746 1594, or email firstname.lastname@example.org