Bounce Back Loan top-ups now available
Did you optimise a Covid Bounce Back Loan for your business?
From today, you may be entitled to top that amount up – find out more here…
From today, participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer smaller businesses across the UK a ‘top-up’ to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them.
The Bounce Back Loan top-up will be available from several large lenders, with others anticipated to make the top-up available in due course.
The top-ups are only available from a borrower’s existing BBLS lender. A borrower can apply for a top-up that is for the lesser of £50k or 25% of the annual turnover the borrower certified in their original successful BBLS application form, minus the value of their original loan.
The scheme was unveiled in May to support smaller businesses during the pandemic, offering loans of up to £50,000, with the value of the loan fully guaranteed by the Government.
It formed part of the Government’s emergency loan package that also included the below schemes – find out more about which loan could be suitable for your business:
- Coronavirus Business Interruption Loan – Click here
- Coronavirus Large Business Interruption Loan – Click here
- Future Fund – Click here
The Chancellor announced the top-up loan along with extending the new applications deadline for the loan schemes from November to January 31, 2021, following the recent lockdown in England.
Get in Touch
If you would like to know more about the recent changes and how you can apply for a Bounce Back loan top-up, please contact us today. Our business growth experts are here to help you guide through these challenging times.