Bounce Back Loan
NM136045 • December 3, 2021
Do you need help building a detailed business plan to bounce back including profitability review, cost cutting and pricing reviews
Banks, building societies and peer-to-peer lenders were accredited by the British Business Bank to provide firms with 100% government-backed finance worth up to £50,000, or a maximum of 25% of annual turnover
Vital 1.5 million bounce back loans were issued throughout COVID totalling £47bn.
It's estimated that c1/3 of bounce back loans will fail to be repaid due to either fraud or businesses defaulting.
As of 30 September £1.3bn of loan repayments had defaulted with at least 7% being one month or more in arrears.
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