BUSINESS

Top up your
Bounce Back Loan

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.

THE LATEST UPDATES

If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can now top up your existing loan to your maximum amount. You must request the top-up by 31 January 2021.

FAQs.

ELIGIBILITY

You can apply for a loan if your business:

  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus

HOW TO APPLY

There are 28 lenders participating in the scheme including many of the main retail banks. You should approach a suitable lender yourself via the lender’s website.

The lender will ask you to fill in a short online application form and self-declare that you are eligible.

The lender will decide whether to offer you a BBL or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.

HOW LONG IS THE LOAN FOR?

The length of the loan is 6 years, but you can repay early without paying a fee. No repayments will be due during the first 12 months.

Before your first repayment is due, your lender will contact you about further options to:

  • extend the term to 10 years
  • move to interest-only repayments for a period of 6 months (you can use this option up to 3 times)
  • pause your repayments for a period of 6 months if you have already made at least 6 repayments (you can use this option once)

WHO CANNOT APPLY?

Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

You also cannot apply if you’re already claiming under:

If you’ve already received a loan of up to £50,000 under one of these schemes you can transfer it into the Bounce Back Loan scheme. You have until 31 January 2021 to arrange this with your lender.

Contact

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01295 812521
theteam@periscopegroup.co.uk

PERISCOPE GROUP

Faveo House
2 Somerville Court
Banbury Business Park
Adderbury, Oxon
OX17 3SN

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jobs@periscopegroup.co.uk

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