Unprecedented times have finally stirred the Government in to providing a simple route to finance for businesses. Asset Finance Northampton Ltd have given a brief overview, below, of what you can expect.
Business Bounce Back Loan Scheme (BBLS) WHAT IS IT??
The Business Bounce Back Loan is design to support the many micro businesses that make up UK Plc.
Here are some key points;
- You can apply for a loan of up to 25% of your gross turnover up to a maximum of £50,000
- You will apply via your own bank, it takes minutes to complete and the decision is instant,
- All documentation including the signature is electronic and funds are in your account in 48 hours
- Interest and capital repayments are deferred for 12 months and you can take the borrowing over 6 years
- No personal guarantee’s, no charges over property
NB: YOU ARE STILL LIABLE FOR THE FULL AMOUNT OF THE DEBT, SO ONCE YOU HAVE COMMITTED YOU MUST PAY BACK THE DEBT IN FULL!!!!
Which Banks are currently providing the scheme?
