The Hair & Barber Council Explain Business Bounce Back Loans
The Government launched its Business Bounce Back Loans on 4 May, and the Hair & Barber Council have summarised everything that you need to know.
- 100% Government backed (Government is guaranteeing 100% losses to the lender while the borrower remains fully liable for paying back what they owe).
- Provides loans between 2K and £50K.
- Any business can apply for loans worth 25% of their turnover.
- Up to a maximum of £50K.
- Loans can last for up to 6 years.
- No repayments, fees or interest will be due for the first 12 months.
- Interest rate is 2.5% after the interest free 12 months ends.
- Eligibility – be UK based, have been negatively affected by coronavirus, not been in difficulty on 31st December 2019.
**Businesses not eligible: banks, insurers (insurance brokers are eligible), public-sector bodies and state funded primary and secondary schools**
For more information, you can visit The Hair Council here.