The government introduced the bounce back loan scheme in May 2020 to help small and medium businesses during the pandemic, given owners the opportunity to borrow between £2,000 and up to 25% of their turnover (maximum of £50,000) with no fees or interest to be paid for the first 12 months.
With repayment terms now extended, businesses now have a choice of between 6 to 10 years to fully repay the loan, with added options of moving to interest-only repayments for 6 months (you can use this option up to 3 times) and the ability to hold payments for a period of 6 months (only available once)
If you feel this is something your business could benefit from, do not forget to submit your new or top up applications before the deadline which is 31 March 2021.
To find out more information and to check your eligibility please visit:
https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
