Coronavirus loan schemes
The Government has made available various loan schemes for small and large businesses. Find out more.
Bounce Back Loans
A type of loan introduced during the coronavirus to help businesses access finance swiftly.
Between £2,000 and 25 per cent of the turnover. The maximum businesses can borrow is £50,000.
Businesses will get one year to pay back the loan without any interest. Thereafter, the interest rate will be 2.5 per cent.
Business loans.
What is the eligibility criteria?
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A UK registered and based business.
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A business that was established before 1 March 2020.
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A business that has been affected by coronavirus.
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A small to medium sized business.
What is the exclusion criteria?
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Banks, insurers and reinsurers.
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Public sector organisations.
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Government funded primary and secondary schools.
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You can’t apply if you are claiming against other loan schemes.
Six years.
The loan can be extended to up to 10 years.
Provided you have made at least six repayments, you can pause future repayments by six months. You can only use this option once.
Coronavirus Business Interruption Loan Scheme
Who is the loan for?
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UK based businesses with an annual turnover of up to £45 million.
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A business that can prove that they are struggling due to Covid-19 and, that were it not for Covid-19, their business would thrive.
Who isn’t the loan for?
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Banks, insurers and reinsurers.
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Public sector organisations.
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Government funded primary and secondary schools.
Between three to six years depending on what the loan is going to cover.
Coronavirus Business Interruption Loan Scheme (large businesses)
Who is the loan for?
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UK based businesses with an annual turnover of over £45 million.
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A business that can prove that they are struggling due to Covid-19 and, that were it not for Covid-19, their business would thrive.
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Prove that the loan will help you with any short to medium term difficulty arising due to coronavirus.
Who isn’t the loan for?
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Banks, building societies insurers and reinsurers.
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Public sector organisations.
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Government funded primary and secondary schools.
Between three to three years depending on what the loan is going to cover.
Up to 25 per cent of your annual turnover to a maximum of £200 million.
Covid-19 Corporate Financing Facility
Large businesses that have been affected by coronavirus.
The Bank of England will buy the short term debt of qualifying company’s to help relieve financial difficulties arising due to the coronavirus.