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To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure businesses who do not bank with a high street provider are able to apply for a Bounce Bank Loan.
Under the new Bounce Back Loan Scheme (BBLS), launched on 4 May, businesses can apply for a loan from £2,000 up to £50,000, capped at 25% of a firm’s turnover. The Government will cover the first 12 months of interest payments charged to the business by the lender, and no repayments are due by the business during this period. The interest rate after the first 12-month period has been agreed between the Government and lenders at 2.5%, ensuring that the smallest businesses can access the finance they need in a matter of days.
There are 16 lenders that are offering loans under the scheme. More details on participating lenders can be found here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/current-accredited-lenders-and-partners/
Any lender that wishes to become accredited to offer Bounce Back Loans should contact the British Business Bank, who administer the scheme.