Today I wanted to give a quick overview of the Bounce Back Loan Scheme BBLS.
We have had a number of clients going for these loans and they are quick to apply for and can be a life-line for some businesses.
The key features of the loans are they are quick to apply for and no detailed financial information is really required. The loans range from £2000.00 up to 25% of the business’s annual turnover, subject to a maximum of £50000.00 ( Turnover is for the calendar year 2019)
Repayment terms are for 6 years. No repayments are required in the first 12 months and the government will make a business interruption payment to cover the first 12 months of interest payments.
After the first year, the loan is started to be repaid and the interest rate is 2.5%
It is also important to know, there are no early redemption charges if the loan is cleared before the full term.
You can see how this loan can be very beneficial and the speed clients have received the money is a credit to what the government are trying to achieve.
Please call the office if you would like some further information on this 0121 289 4433 or 01257 433 111