The Business Bounce Back Loan and Pivotal Enterprise Resilience Fund are two schemes in place to help support SMEs during these difficult times. They were introduced in early May and have been implemented to give businesses cash injections to allow them to continue to operate during and after the pandemic.
The Bounce Back Loan scheme is in place to help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government guarantees 100% of the loan and there will not be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
Guidance on how to apply is given on the British Business Bank Website
Your business must be able to self‑declare to the lender that it:
The Pivotal Enterprise Resilience Fund is for businesses that can play a critical role in supporting Scotland’s recovery but need some immediate support. It might be to get back up and running or to maintain or diversify your current operations.
To access the fund, you must meet these criteria to apply:
This fund is for businesses making an impact on the Scottish economy on a local, regional, or national level. Businesses must be involved in or meet one of the following criteria:
It will take up to 10 working days between applying and receiving the funds.
The fund is currently paused for new applications while the applications already received are processed.
If you have any questions about the contents of this blog post, please feel free to contact us.