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Business Finance Update

11 May 2020

Proposing MP
Alok Sharma Con
Reading West
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
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At a Glance

Issue Summary

The statement is about the launch of the Bounce Back Loans Scheme (BBLS) to provide financial support to small businesses affected by the coronavirus outbreak.

Action Requested

I am tabling this statement to announce and outline details of the new BBLS, which offers term loans between £2,000 and £50,000 to eligible small businesses. The scheme will be in place for an initial six-month period and can be extended as required.

Key Facts

  • Bounce Back Loans Scheme (BBLS) launched on 4 May.
  • Facilitated by the Government-owned British Business Bank.
  • Available to small businesses affected by coronavirus outbreak.
  • Term loans between £2,000 and £50,000 offered by lenders.
  • Initial six-month period with possibility of extension.
  • Government will undertake a new contingent liability.
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