What is the coronavirus Bounce Back Loan Scheme (BBLS)?

This program was launched to help small and medium-sized businesses to receive loans ranging from £2,000 to £50,000. The credit cannot be more than 25% of the company's turnover.

The government states there will be no fees or interest for the first 12 months. After 12 months, the interest rate will be 2.5% per year.

The program is open for applications until January 31, 2021.

If you already have a repayable loan but borrowed less than you entitled, you can increase your existing loan to the maximum amount. Until January 31, 2021, you must submit a request to recharge your account.

Who can apply for a loan?

• The company is based in the UK;
• The company was established before March 1, 2020;
• Business was adversely affected by coronavirus.

How long the loan is for?

The length of the loan is 6 years, but it can be extended up to 10 years. You can pay in advance without any fee.

There are more options, so that the loan becomes more affordable for any company:

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

28 lenders participate in the program, including many large retail banks. If a lender refuses, you can apply for another under this program.

If you need to apply for the BBLS Persona Finance Ltd is ready to help you! Call 020-3984-6664 or email

enquiries@personafinance.co.uk .