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 :


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



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