Could the Bounce Back Loan Scheme be right for my business?

Lansdell & Rose can help you explore all the financial options, as you move your business forward after weeks of lockdown.

These may include making an application for finance via the Bounce Back Loan Scheme, which launched in May. This scheme is not to be confused with the Coronavirus Business Interruption Loan (CBIL) – in fact, you can only have one or the other in the same business.

Key points

  • It’s a 100% government guaranteed loan for up to £50,000, limited to 25% of your business’ turnover.
  • Repayments will start in year two at a 2.5% interest rate.
  • The money you borrow must be used for your business only.

At Lansdell & Rose, we are receiving an overwhelming number of queries about the Bounce Back Loan Scheme. Our team of experts will help you to decide if you can apply for a Bounce Back Loan and, if so, whether this would be a sound business decision.

Many small businesses will be facing a short-term financial impact as a result of the Coronavirus crisis, but you need to consider the long-term impact too when considering what kind of support is right for you. With most high-street lenders offering this scheme, we can advise on the application process and help you to comb through the small print.

Our team of experienced accountants has a wealth of up-to-date information on this scheme and all other financial options for your business. So, if you feel like you could be struggling financially in the months ahead, give us a call for quality support and advice.

Call Lansdell & Rose on 020 7376 9333 or complete the form below.