Bounce back loans were introduced as emergency support during the pandemic and are no longer available to new applicants. If you're looking for similar accessible funding now, several alternatives are worth considering.
Why bounce back loans are no longer available
Bounce back loans were a temporary government-backed scheme introduced specifically in response to the Covid-19 pandemic, offering small, quick and largely accessible loans to support struggling businesses. The scheme has since closed to new applicants, meaning businesses looking for similar support now need to consider other available options in the current lending market.
Similar accessible options today
A few types of funding offer a comparable level of accessibility for smaller businesses today:
• Government-backed startup loans, for newer businesses meeting the eligibility criteria
• Unsecured business loans from alternative lenders, often with faster decisions than traditional banks
• Business credit cards, for smaller, more flexible borrowing needs
• Invoice finance, if cash flow is tied up in unpaid customer invoices
What to expect compared to bounce back loans
Current alternatives generally involve more thorough eligibility checks and credit assessments than bounce back loans did, since that scheme was specifically designed for rapid, wide access during an emergency. Interest rates and terms will also vary more between lenders now, so it's worth comparing several options rather than expecting a single standardised product like the original scheme offered.
Getting the right fit for your business
Rather than looking for a direct replacement, it's worth thinking about what you actually need the funding for and choosing the most suitable current option based on that, whether that's short-term cash flow support, a specific purchase, or general working capital. Speaking to an accountant or business advisor can help clarify which of the current options best matches your situation.
Frequently asked questions
Can I still apply for a bounce back loan?
No, the scheme closed to new applicants some time ago. Businesses looking for funding now need to consider current alternatives from banks and alternative lenders.
What happens if I still have an outstanding bounce back loan?
Existing bounce back loans continue under their original terms, and support is available if you're struggling to repay, so it's worth speaking to your lender directly if this applies to you.
Are current loan alternatives as accessible as bounce back loans were?
Generally no, since bounce back loans were specifically designed for rapid, wide access during an emergency. Current options involve more standard credit assessments, though some remain relatively accessible for smaller businesses.
