The Bounce Back Loan Scheme is designed to help a wide range of businesses who were trading prior to 1 March 2020 and have been negatively impacted by COVID-19. The Start Up Loans Scheme is available to businesses who have been trading for less than two years including newer businesses who began trading after 1 March 2020.

The Start Up Loans Scheme supports these individuals by offering access to affordable government-backed finance of between £500 and £25,000 per owner (limited to £100,000 per business), at a fixed 6% interest per annum.

The Start Up Loans Scheme provides access to support during the application process, including help to create a business plan, as well as post loan support and mentoring which is provided by the Scheme’s delivery partners.

Businesses who were trading prior to 1 March 2020, are less than two years old and have been negatively impacted by COVID-19 can, subject to full Scheme eligibility, consider applying for both a Bounce Back Loan and a Start Up Loan. Borrower protection differs under the schemes and businesses should consider carefully the type of finance they require.

Existing Start Up Loans customers are also able to apply to borrow under the Bounce Back Loan Scheme.