Bounce Back Loans Scheme: key information you need to know

By DTE Business Advisers

07 May 2020

arrows-1229845_640.jpg

The Bounce Back Loans Scheme (BBLS) is a part of the government’s overall support package for UK businesses affected by Covid-19, which was open for application from yesterday, 4 May.

Some key points about the scheme

100% government guaranteed Quick application process (the money will arrive within days) No interest, fees or repayments for the first 12 months Early repayment allowed with no fees

How much can you borrow?

A lender can provide loans from £2,000 up to 25% of a business’s turnover. The maximum loan amount is £50,000. 

Are you eligible to access BBLS?

Designed specifically to help UK businesses that are losing revenue and seeing a disruption in their cash flow as a direct result of the Coronavirus outbreak, BBLS has certain eligibility requirements from borrowers. In direct quote from the British Business Bank:

Your business must be able to self‑declare to the lender that it:

has been impacted by the coronavirus (COVID-19) pandemic was not a business in difficulty at 31 December 2019 (if it was, you must confirm your business complies with additional state aid restrictions under de minimis state aid rules) is engaged in trading or commercial activity in the UK and was established by 1 March 2020 is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility is not in bankruptcy or liquidation or undergoing debt restructuring at the time it submits its application for finance derives more than 50% of its income from its trading activity (this requirement does not apply to charities or further-education colleges) is not in a restricted sector (see below)

How do you access BBLS?

BBLS is delivered by the British Business Bank, through a number of accredited lenders across the country. You can view and select from a full list of current BBLS accredited lender here.

As a first step, you should approach your own bank or finance provider. Assessment to approve loans is done by each lender who will decide whether or not to offer you finance. However, if you are rejected by one lender, you can still approach other lenders within the scheme.

Need help? Get complimentary advice from DTE Corporate Finance

At DTE we are committed to being your partner for success in both good times and challenging times. To help you navigate through the current challenges caused by Covid-19, our Corporate Finance team currently offers complimentary support for all businesses that need advice to access the most suitable type of funding for them.

Book a 20 minute call with our Corporate Finance Directors Matt Beckley or Andy Humphrey today for complimentary advice with your funding needs by sending your appointment request to [email protected].

*This article was originally published on DTE website: https://www.dtegroup.com/news/covid-19-business-support-hub/bounce-back-loans-scheme-new-scheme-for-quick-finance-access-now-open/.

View our other articles about business support amid Covid-19 at https://www.dtegroup.com/news/covid-19-business-support-hub/

 

Latest news

1

Bellway to build 183 high quality new homes Royal Bowland Park street scene NEW.jpg.jpg

Bellway to build 183 high quality new homes

29 Oct 2025

2

University of Lancashire recognised for entrepreneurship and supporting business growth - Representatives from the University's Business School, local SMEs and the IOEE

University of Lancashire recognised for entrepreneurship and supporting business growth

29 Oct 2025

3

£8bn Typhoon order is great news for Lancashire BAE Typhoon ECRS Mk2 Radar

£8bn Typhoon order is great news for Lancashire

28 Oct 2025

4

Award-winning Lancashire wedding venue and hotel is sold The Mill at Conder Green

Award-winning Lancashire wedding venue and hotel is sold

28 Oct 2025

5

PM+M announces another 19 promotions across the firm PM+M promotions

PM+M announces another 19 promotions across the firm

27 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
November / December 2025 Magazine Launch Event
Holiday Inn Hotel
Networking
28 Oct 2025 - 18 Nov 2025

November / December 2025 Magazine Launch Event

Holiday Inn, Blackpool

16:46 - 16:45

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

Chamber Breakfast Networking – November
Lancs-cham-logo.jpg.jpg
LBV Hub Networking
06 Nov 2025 - 06 Nov 2025

Chamber Breakfast Networking – November

Porsche Centre South Lakes, Carnforth, LA6 1FW

08:30 - 10:30

Lancashire Police business update with The Police and Crime Commissioner
Lancs-cham-logo.jpg.jpg
LBV Hub Roundtables
10 Nov 2025 - 10 Nov 2025

Lancashire Police business update with The Police and Crime Commissioner

Lancaster Castle, Lancaster, LA1 1YN

14:00 - 16:00

Beyond the Brand: Building trust through values and integrity
1.png.png
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

Beyond the Brand: Building trust through values and integrity

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

AI, Creativity, and what it means to be human
2.jpg.jpg
LBV Hub Networking
11 Nov 2025 - 11 Nov 2025

AI, Creativity, and what it means to be human

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:00

The Business Network Central and East Lancashire
LBV Hub Networking
13 Nov 2025 - 13 Nov 2025

The Business Network Central and East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

The AI Lab: E-commerce
Ai Lab ecommerce (1).png.png
LBV Hub Seminars
14 Nov 2025 - 14 Nov 2025

The AI Lab: E-commerce

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 11:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin