Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what alternative methods of financial support are available to businesses who are unable to access support from the Bounce Back Loan Scheme; and if he will make a statement.

Throughout this crisis, the Government has sought to protect people’s jobs and livelihoods across the UK, support businesses, and public services. The Government has spent over £280 billion to do so this year.

If a business is not able to access the Bounce Back Loan Scheme, the British Business Bank offers a range of other support including:

• Individuals who are starting a new business or who have been trading for less than two years can apply for a Start Up Loan, which offers loans (from £500 to £25,000, at 6% interest) alongside free mentoring and support.
• Businesses with a turnover of less than £45 million, and looking for up to £5 million in finance, can apply for a Coronavirus Business Interruption Loan Scheme.
• Larger businesses with a group turnover of more than £45 million, looking for up to £200 million in finance, can apply for a Coronavirus Large Business Interruption Loan Scheme.
• The Future Fund issues convertible loans to innovative UK companies with good potential that typically rely on equity investment and are currently affected by Covid-19.
• To help small businesses understand and identify suitable finance options available, the British Business Bank’s website and Finance Hub offer a wide range of information on finance options.

The support available through the British Business Bank is one part of an unprecedented range of measures to back business. Full details on the support available for businesses can be found on the GOV.UK website, or through contacting our business support helpline.