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Are you eligible for the bounce back loans?

  • Thread starter lookingforadvice
  • Start date
L

lookingforadvice

Member
Verified Member
The government has today released a new finance initiative labelled the “bounce back loans” and having applied for a loan this morning the process was very simple. My current bank is one of five appointed by the government and the process was extremely smooth. So far!

To be eligible you need to be trading in the UK and solvent as at 31 December 2019. If you have lost business as a consequence of the coronavirus then you can apply for a loan up to 25% of your trading turnover (2019). The loan is six years in term with the UK government covering expenses and interest in the first year - after that the fixed rate will be 2.5% for the full term.
 
E

Employer

Member
Verified Member
Do they do a credit check on applications? Just wondering as I know a lot of people are struggling just now and may have some unhelpful marks on their credit records.
 
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