The Bounce Back Loan Scheme is a government initiative to support small and medium-sized businesses. The government provides lenders like Royal Bank of Scotland with a guarantee for 100% of the loan.
Note, the borrower remains liable for all of the debt.
Borrow from £2,000 up to £50,000
(up to a maximum of 25% of your turnover)
Fixed 6 year loan term, with no early repayment fees if you wish to repay the loan early
Interest rate is 2.5% fixed
12 month capital repayment holiday is automatically applied at the start of the loan (this may mean you pay more interest over the term). However, you can choose to make repayments at any time
Interest for the first 12 months is paid by the government, and then by you for the remainder of the loan term
Personal guarantee is not required