CORPORATE / FINANCE

Bounce Back Loan Scheme

In response to the difficulties faced by lenders and businesses in drawing down emergency loans via the Coronavirus Business Interruption Loan Scheme, the Bounce Back Loan Scheme (BBLS) has been launched so that SMEs can get quicker access to funds of up to £50,000 on similarly favourable terms – i.e. no capital repayments, fees or interest for the first 12 months.

Early applicants to BBLS have confirmed that red-tape is significantly reduced – initially it should just entail filling out a short online application form with your current lender to self-certify eligibility.  The loans are 100% guaranteed by the government (as opposed to the 80% guarantee provided in relation to CBILS loans) and should not be subject to a credit approval process.

At time of writing both Danske and Ulster Bank are accredited to provide BBLS loans.  Other local banks and lenders are likely to follow shortly.

 

Please do get in touch with a member of our team if you need advice, assistance, or just a sounding board re next steps.

 

 

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