Loan Amounts: Loans of between £2,000 and £50,000 (up to a maximum of 25% annual turnover, whichever is lower). If your business was established after 1 January 2019, you should apply the 25% to your estimated annual turnover from the date you started your business.
100% Government Backed:
Personal guarantee is not required
Loan Terms:
BBLS Loans have a fixed term of 6 years. No repayments are required for the first 12 months
Loan Purpose:
A BBLS Loan can be used for a wide range of purposes, such as working capital or investment, as long as it supports trading or commercial activity in the UK.
Eligibility:
You can apply for a BBLS Loan if:
- You’re a UK-based business
- Your business has been impacted by Covid-19
- You were not an ‘undertaking in difficulty’ on 31 December 2019
- You haven’t already applied or received a BBLS Loan
- You don’t already have a CBILS, CLBILS or CCFF unless you’re refinancing it in full by taking this BBLS Loan
Quick and Easy Application Process: Small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.
Loan Interest Rates:
The interest rate you pay is fixed and will remain so for the life of your loan.
If you apply for a BBLS Business Loan, you will be offered a Business Interruption Payment (BIP) by the UK Government.
The BIP will cover payments of interest for a period of 12 months. Your loan documentation will state that interest is payable, but in practice the BIP will be paid directly by the UK Government to your lender for your benefit, and the lender will send a written statement to you setting out the total amount of the BIP which you have received.
There are no capital repayments for the first 12 months, after this time, your monthly repayments will include capital and interest payments.
Fees:
There are no additional fees for a BBLS Business Loan.
Repaying the loan early:
You can repay your loan at any time. There is no charge for repaying your loan early.