The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
If you’re a larger business, you may be entitled to other government support.
You can apply for a loan if your business:
You need to show that your business:
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.
Who cannot apply
Businesses from any sector can apply, except:
How long the loan is for
The maximum length of the facility depends on the type of finance you apply for and will be:
How to apply
There are over 50 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.
You’ll need to tell the lender:
You’ll need to provide documents that show you can afford to repay the loan.
These may include:
The documents required will vary from lender to lender and depend on how much you’re asking for. If you’re asking your existing lender for a small loan, the process may be automated and not require all of the documents.
The lender will check that the loan is:
The lender will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.
If the lender turns you down
If one lender turns you down, you can apply to other lenders in the scheme.
You may want to consider using a broker to find the right type of finance for your needs, or do your own research using the British Business Bank’s finance guide.
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