• Contact
  • Accountants: +44 (0) 1753 551111
  • Solicitors: +44 (0) 20 7067 4300

Businesses will be able to borrow between £2,000 and up to 25% of a business’ turnover. The maximum loan amount is £50,000. The cash is expected to arrive within days.

The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest). Businesses can apply online through a short and simple online form, with only seven questions.

The government will cover the cost of any fees and interest for the borrower for the first 12 months. No repayments will be due during this 12 month period.

The rate of interest will be 2.5% per annum.

The length of the loan is six years but early repayment is allowed, without early repayment fees.

The loans are available through a network of lenders.

Lenders are not permitted to take personal guarantees or recovery action over a borrower’s personal assets (such as their main home or personal vehicle). There is no fee to access the scheme for either businesses or lenders.


You can apply for a loan if your business:

of £50,000 or less can apply to have these switched over to this generous new scheme until 31st March 2021.


Before your first repayment is due, your lender will contact you about further options to:

  • Extend the term of your loan to 10 years.
  • Move to interest-only repayments for a period of 6 months (you can use this option up to 3 times).
  • Pause your repayments for a period of 6 months (you can use this option once).

Who cannot apply

  • banks, insurers, and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

Further Information

  • Eligible companies will be subject to standard customer fraud, anti-money laundering (AML) and Know Your Customer (KYC) checks prior to any loan being made.
  • If your business was classed as a business in difficulty on 31 December 2019 you’ll need to confirm that you’re complying with additional state aid restrictions.
  • More details here

Disclaimer: This note does not contain a full statement of the law and it does not constitute legal advice.  Please contact us if you have any questions about the information set out above.

  • Member of London Partners
  • Member of London of Chamber Commerce and Industry
  • The Royal South Bucks Agricultural Association
  • The Association for UK Interactive Entertainment
  • Offical Xero Partner

Copyright © 2013 - Oury Clark.

Oury Clark is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 100556.