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Bounce Back Loans

The 4 May sees the launch of the Bounce Back Loans. This is aimed at the small and micro entities that require loans.

Further information has been released from our last article.

The interest rate for the facility is set at 2.5% per annum.

Lenders are not permitted to take personal guarantees or take recovery action over the borrower’s personal assets. 

The borrower remains 100% liable for the debt.

Further eligibility has been released and is as follows:

  1. The business is a UK limited company or partnership, or a tax resident in the UK
  2. Is engaged in a trading or commercial activity in the UK and was established by 1 March 2020
  3. Has been impacted by the coronavirus pandemic
  4. Derives more that 50% of its income from its trading activity
  5. Will use the loan only to provide economic benefit to the business
  6. Has understood the costs associated with the repayment of the loan and are intending to complete timely repayments

You need to contact your lenders to apply for this scheme.

Please contact the Spirare Team if you require any support.