Bounce Back Loan Scheme

 

Bounce Back Loan Scheme

 

You may not have heard of the government's Bounce Back Loan Scheme but, for those colleagues who are self-employed and ineligible for the small-business grant, it could prove an invaluable aid.

 

The scheme allows small businesses, including sole-traders to borrow up to 25% of their turnover over a six year term. There are neither capital nor interest payments in the first 12 months and the interest is fixed with all lenders at 2.5%.

 

All major banks are offering these government backed loans which do not require security, such as pledging your home. If you do not have a business account with one of the potential lenders then you may need to open one.

 

There is a helpful and comprehensive guide on Martin Lewis's website here :

https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/

 

You should obviously check with your accountant or financial adviser but for those declaring profits greater than £50K per annum this could be a useful source of funds.

 

Photo by Nathan Dumlaon Unsplash

 


 




There are currently no comments

Please log in to leave comments

If you are not yet a member you can register here: Member Registration

{% endif %}