The Bounce Back Loan is a government scheme to help UK businesses survive the COVID-19 crisis. It is designed to help small businesses so could it be the lifeline your dog walking and/or pet sitting business needs?

Bounce Back Loan scheme for pet care businesses

The Bounce Back Loan scheme is designed to make it easier to borrow money. You can use it to apply for an unsecured loan between £2,000 and £50,000.

Who is eligible for a Bounce Back Loan?

In short, any UK business who hasn’t already applied for a Coronavirus Business Interruption Loan.

How does the Bounce Back Loan scheme work?

The scheme is being run by (big and small) high street banks e.g. Coop,  Lloyds, HSBC, Santander, Barclays, Natwest, RBS etc. Basically, anyone who specialises in business finance.

The first 12 months are interest-free followed by 2.5% fixed after that. The government will guarantee 100% of the loan which means you don’t need to provide a personal guarantee (e.g. your home).

How to apply for a Bounce Back Loan?

You apply directly to your bank either online or over the phone. The government recommends you apply to your existing lender first, and only approach other providers if you’re rejected.

More information is available on the government’s website.

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