• We have had to close the office and divert the telephone to one mobile number. Therefore we may be very busy, so please bear with us. Please don't forget you can email This email address is being protected from spambots. You need JavaScript enabled to view it. or email This email address is being protected from spambots. You need JavaScript enabled to view it. if you have specific technical queries.

    COVID-19: government support for businesses.

    View April 2020 Feedback online

    CAI COVID-19 UPDATES

wssw emailbanner

12799 HomePage Banner 1 1

Category Images 437x300px TRAINING

Category Images 437x300px PRODUCTCERT 1

1111 HomePage Banner Apr2018

Coronavirus Bounceback Loan Scheme 05/05/2020

Some more details have been announced regarding the Coronavirus Bounceback Loan Scheme:

ABOUT THE SCHEME

The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.

The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website.

Key Features of the scheme:

  • Loans range from £2,000 up to 25% of a business’ turnover, capped at a maximum of £50,000
  • The scheme provides the lender with a full (100%) government-backed guarantee against the outstanding balance of finance (capital and interest)
  • The borrower remains 100% liable for the debt
  • The Government will make a Business Interruption Payment to cover the first 12 months of interest payments
  • The borrower does not have to make any repayments for the first 12 months
  • The interest rate for the facility is set at 2.5% per annum, meaning businesses will all benefit from the same rate of interest
  • The length of the loan is 6 years but early repayment is allowed, without early repayment fees
  • Lenders are not permitted to take personal guarantees or take recovery action over a borrower’s personal assets (such as their main home or personal vehicle)
  • There is no fee to access the scheme for either businesses or lenders

For more information and details of how to apply, visit: 

https://www.british-businessbank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/for-businesses-and-advisors/

SupportAssoc Banner CAI Jun2019 v2