The Government has launched a loan scheme to assist SME's who are affected by Coronavirus so that they can apply for loans of up to £50k.

This scheme will be available from 4 May 2020 and will not be subject to the complex viability assessment used with other Coronavirus Business Interruption Loan Scheme (CBILS) facilities. 

  • You can borrow between £2,000 and £50,000
  • Government will guarantee 100% of the loan
  • No fees or interest to be paid for the first 12 months
  • Loan term is up to 6 years
  • No repayments due in first 12 months
  • Government has stated they will work with lenders to agree a low rate of interest for the remaining term of the loan

To be eligible for the loan, businesses must:

  • Be UK based in their business activity
  • Have been negatively affected by Coronavirus, and
  • We're not 'undertaking in difficulty' on 31 December 2019

Businesses from any sector can apply except:

  • Banks, insurers and reinsurers (but not insurance brokers)
  • Public sector bodies
  • Further Education establishments if they are grant-funded
  • State-funded primary and secondary schools

Please note that if you are already claiming under the CBILS facility then you cannot apply for a bounce back loan.  However, if your CBILS loan is under £50,000 you can transfer it to a bounce back loan with your lender until 4 November 2020.

Take Action Now

To find out more about how Dains can support your business with an application for a Coronavirus Business Interruption Loan, please call 0845 555 8844 or simply complete our enquiry form.  Don’t wait, take advice now, we are here to help you.