Bounce back loans

[Rough Hewn]

Does anyone understand this?

Has anyone applied?

[emoji106]

[topchippyles]

What is it you need to know soul,Who is eligible ??

[topchippyles]

HOW IT WORKS

BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.

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

The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).

The borrower always remains fully liable for the debt.

KEY FEATURES OF THE SCHEME

Finance of up to £50,000	Guarantee to the lender to encourage them to lend	Government pays interest and fees for 12 months	Affordable interest rate
Loans range from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.	The scheme provides the lender with a full (100%), government-backed guarantee against the outstanding balance of the finance (both capital and interest). The borrower remains 100% liable for the debt.	The Government will make a Business Interruption Payment (BIP) 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, affordable rate of interest

[eggsarascal]

1 hour ago, Rough Hewn said:

 

Does anyone understand this?

Has anyone applied?

 

Applied for £10k this morning.

[SimpleSimon]

How does it vary from the previous CBILS? 

[swinny]

They do look good tbh... Only seen a news article about them this morn. Good terms for borrowers by the looks of it. 

[eggsarascal]

Can't go wrong, it's free Government money...

 

Then cheap government money after the first 12 months.

Edited May 4, 2020 by eggsarascal

[topchippyles]

Still have to pay it back though.

[swinny]

7 minutes ago, topchippyles said:

Still have to pay it back though.

Yes but interest free for 12months and then 2.5% after.... That's near enough a good a deal as a farmer gets !!

[Steve Bullman]

im gonna go for this at just 2.5%, even if only to pay off my other loans!