The Bounce Back Loan Scheme (BBLS) is a new scheme designed to enable businesses to access finance more quickly during the coronavirus outbreak. We are only able to support customers who had an account with us before 2 March 2020. The government will cover interest payable in the first year. The Bounce Back Loan is a new government scheme for small businesses who can apply for loans from £2000 up to £50,000 of financing from their lender to help them through the COVID-19 crisis. The scheme launched at 9am on Monday (4 May), with eligible businesses now able to apply. The Government covers the first 12 months of interest (this means you pay 0% for the first year). Is the Bounce Back Loan Scheme (BBLS) different to the Coronavirus Business Interruption Loan Scheme (CBILS)? What is the Bounce Back Loan Scheme (BBLS)? Where to get a bounce back loan from. Small businesses can be eligible for both schemes but the Government launched the Bounce Back Loan Scheme to help small businesses borrow smaller amounts … If you have already received a loan of up to £50,000 under CBILS and would instead like to transfer it into the Bounce Back Loan scheme, you can arrange to do this with your lender until 4 November 2020. Chancellor Rishi Sunak announced the scheme in April, as part of several support measures to help thousands of firms and workers. Through BBLS you can apply for a loan of £2,000 to £50,000. The number of approved Bounce Back Loans continued to drop during week eight of the Bounce Back Loan scheme, in fact just 46,092 were approved from June the 22nd of June to the 28th 2020. This page may not work correctly as you are using an old browser. Are managing your business through an existing Halifax Personal Current Account which was open before 2 March 2020, Are a sole trader or applying on behalf of a Partnership, Club, Society or Association, Managing your business through a Personal or Business account held with another provider. But now applications for a new business loan scheme have opened in an effort to help small companies through the ongoing crisis. If you are an existing AIB custome rand have not already availed of a Bounce Back Loan, you can apply online .Alternatively contact your Relationship Manager in the normal way or speak to one of our Customer Service Team on 0345 6005 925. The Bounce Back Loan scheme has been launched to help small and medium-sized businesses navigate the coronavirus pandemic. Visit the Halifax Twitter page. We are unable to offer the Bounce Back Loan Scheme directly. Under the scheme, lenders are not permitted to: - take recovery action over a borrower’s personal assets (such as their main home or personal vehicle). An individual other than a sole trader or a partner acting on behalf of a partnership. Join our Facebook group and follow the dedicated Instagram page to read stories of everyday heroism and share your own messages. There won’t be any interest or payment fees in the first year, with rates set at 2.5 per cent per annum after the first 12 months. The main difference between the BBLS and the CBILS is that the government guarantees 100 per cent of the finance, plus you can only … In order for us to continue to provide high quality and trusted local news on this website, I am asking you to also please purchase a copy of our newspaper. Businesses can borrow between £2,000 and £50,000, and the scheme is 100 per cent guaranteed by the government. While I have your attention, I also have an important request to make of you. 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