The Government's loan schemes for businesses will be extended until 31 January 2021. These include:
- Bounce Back Loans
- Business Interruption Loan Scheme
- Future Fund
Please note you cannot apply for more than one Coronavirus loan.
Coronavirus Bounce Back Loan
Businesses who have borrowed less than their maximum, such as less than 25% of their turnover, through the Bounce Back Loan Scheme can top-up their existing loan with more funding.
- The Coronavirus Bounce Back Loan was set up to help small and medium-sized businesses affected by Coronavirus.
- The scheme is open for applications and cash will be released within days for eligible businesses.
- Businesses can borrow between £2,000 and £50,000.
- The Government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
- Loan terms will be up to six years.
- The Government will work with lenders to agree a low rate of interest for the remaining period of the loan.
- The scheme will be delivered through a network of accredited lenders.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme provides financial support to smaller businesses affected by Coronavirus. The application deadline has been extended to 31 January 2021.
Coronavirus Large Business Interruption Loan Scheme
The Coronavirus Large Business Interruption Loan Scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million. The Government guarantees 80% of the finance to the lender. The scheme is open to applications until 31 January 2021.
Coronavirus Future Fund
The Future Fund provides Government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit. The scheme is open for applications until 31 January 2021.