Bounce Back Loans Scheme: key information you need to know

By DTE Business Advisers

07 May 2020

arrows-1229845_640.jpg

The Bounce Back Loans Scheme (BBLS) is a part of the government’s overall support package for UK businesses affected by Covid-19, which was open for application from yesterday, 4 May.

Some key points about the scheme

100% government guaranteed Quick application process (the money will arrive within days) No interest, fees or repayments for the first 12 months Early repayment allowed with no fees

How much can you borrow?

A lender can provide loans from £2,000 up to 25% of a business’s turnover. The maximum loan amount is £50,000. 

Are you eligible to access BBLS?

Designed specifically to help UK businesses that are losing revenue and seeing a disruption in their cash flow as a direct result of the Coronavirus outbreak, BBLS has certain eligibility requirements from borrowers. In direct quote from the British Business Bank:

Your business must be able to self‑declare to the lender that it:

has been impacted by the coronavirus (COVID-19) pandemic was not a business in difficulty at 31 December 2019 (if it was, you must confirm your business complies with additional state aid restrictions under de minimis state aid rules) is engaged in trading or commercial activity in the UK and was established by 1 March 2020 is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility is not in bankruptcy or liquidation or undergoing debt restructuring at the time it submits its application for finance derives more than 50% of its income from its trading activity (this requirement does not apply to charities or further-education colleges) is not in a restricted sector (see below)

How do you access BBLS?

BBLS is delivered by the British Business Bank, through a number of accredited lenders across the country. You can view and select from a full list of current BBLS accredited lender here.

As a first step, you should approach your own bank or finance provider. Assessment to approve loans is done by each lender who will decide whether or not to offer you finance. However, if you are rejected by one lender, you can still approach other lenders within the scheme.

Need help? Get complimentary advice from DTE Corporate Finance

At DTE we are committed to being your partner for success in both good times and challenging times. To help you navigate through the current challenges caused by Covid-19, our Corporate Finance team currently offers complimentary support for all businesses that need advice to access the most suitable type of funding for them.

Book a 20 minute call with our Corporate Finance Directors Matt Beckley or Andy Humphrey today for complimentary advice with your funding needs by sending your appointment request to [email protected].

*This article was originally published on DTE website: https://www.dtegroup.com/news/covid-19-business-support-hub/bounce-back-loans-scheme-new-scheme-for-quick-finance-access-now-open/.

View our other articles about business support amid Covid-19 at https://www.dtegroup.com/news/covid-19-business-support-hub/

 

Latest news

1

PM urged not to retaliate over tariffs Manufacturing

PM urged not to retaliate over tariffs

03 Apr 2025

2

CMAC Group appoints Matthew Ratcliffe as chief operating officer Matthew Ratcliffe CMAC

CMAC Group appoints Matthew Ratcliffe as chief operating officer

03 Apr 2025

3

For sale signs at The Villa Villa Wrea Green has been brought to market (Image credit: The Villa Wrea Green)

For sale signs at The Villa

02 Apr 2025

4

Montane group expands with new Lancashire hub Anthony Rae Scott Murcott And Adam Lee

Montane group expands with new Lancashire hub

02 Apr 2025

5

Trio of wins for Lancaster brand and digital consultancy Tom Grattan MD and Daniel Wallace

Trio of wins for Lancaster brand and digital consultancy

02 Apr 2025

Pc Prestonmacan Gif980x120 March
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200px
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Lancashire Business Expo 2025
https---cdn.evbuc.com-images-880395853-4862066883-1-original.20241022-091152-2.jpeg.jpg
LBV Hub Exhibitions
04 Apr 2025 - 04 Apr 2025

Lancashire Business Expo 2025

Sir Tom Finney Sports Centre, Preston, PR1 2HE

09:00 - 15:00

The Business Network Central & East Lancashire
LBV Hub Networking
24 Apr 2025 - 24 Apr 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

People Power: Exclusive Event Series
Stay ahead in 2025.jpg.jpg
LBV Hub Seminars
29 Apr 2025 - 29 Apr 2025

People Power: Exclusive Event Series

People's History Museum, Manchester, M3 3ER

17:00 - 21:00

Planning for the future + navigating Inheritance Tax changes
Planning for the future + navigating Inheritance Tax changes for website.png.png
LBV Hub Seminars
01 May 2025 - 01 May 2025

Planning for the future + navigating Inheritance Tax changes

Stanley House Hotel, Mellor, Blackburn, BB2 7NP, Blackburn, BB2 7NP

08:00 - 10:30

A night at the races
1.png.png
LBV Hub Dinners / Balls
02 May 2025 - 02 May 2025

A night at the races

Morecambe FC, Morecambe, LA4 4TB

19:00 - 23:59

Amber River True Bearing quarterly investment seminar
LBV Hub Seminars
22 May 2025 - 22 May 2025

Amber River True Bearing quarterly investment seminar

Cottons Hotel & Spa , Knutsford, WA16 0SU

16:00 - 18:00

Liverpool Business Expo 2025
https---cdn.evbuc.com-images-881365363-4862066883-1-original.20241023-085714.jpeg.jpg
LBV Hub Awards
23 May 2025 - 23 May 2025

Liverpool Business Expo 2025

Aintree Racecourse , Liverpool , L9 5AS

09:00 - 15:00

National Centre for Remote and Rural Medicine Conference 2025
Remote and Rural 3.jpg.jpg
LBV Hub Awards
05 Jun 2025 - 05 Jun 2025

National Centre for Remote and Rural Medicine Conference 2025

North Lakes Hotel and Spa, Penrith, CA11 8QT

09:30 - 17:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv121 Online Graphic
Subscribe now

Weekly news bulletin