Can you apply for 2 business bounce back loans

## Can You Apply for 2 Business Bounce Back Loans?

The Business Bounce Back Loan (BBL) scheme was introduced by the UK government in response to the COVID-19 pandemic. The scheme provides loans of up to £50,000 to small businesses to help them with their cash flow during the pandemic.

**Can you apply for 2 Business Bounce Back Loans?**

The answer is no, you cannot apply for 2 Business Bounce Back Loans. This is because the scheme is only available to businesses that have not already received a BBL loan.

**What if I have already received a BBL loan and I need more funding?**

If you have already received a BBL loan and you need more funding, you may be able to apply for a second loan under the Coronavirus Business Interruption Loan Scheme (CBILS).

The CBILS scheme provides loans of up to £5 million to businesses that have been affected by the COVID-19 pandemic. The loans are available from a range of lenders, including banks and alternative finance providers.

**To be eligible for a CBILS loan, you must:**

* Be a UK-based business
* Have an annual turnover of less than £45 million
* Have been adversely affected by the COVID-19 pandemic

**The CBILS loans are available for a variety of purposes, including:**

* Working capital
* Investment
* Refinancing existing debt

**If you are unsure whether you are eligible for a CBILS loan, you should contact a lender directly.**

## Other Sources of Funding for Small Businesses

In addition to the BBL and CBILS schemes, there are a number of other sources of funding available to small businesses. These include:

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* **Bank loans** – Banks offer a variety of loans to small businesses, including term loans, lines of credit, and overdrafts.
* **Alternative finance** – Alternative finance providers offer a range of loans and other financing options to small businesses that may not be able to qualify for a bank loan.
* **Government grants** – The government offers a number of grants to small businesses, including the Small Business Grant Scheme and the Retail, Hospitality and Leisure Grant Scheme.
* **Equity investment** – Equity investment involves selling a stake in your business to investors in exchange for funding.

## How to Choose the Right Funding Option for Your Business

The best way to choose the right funding option for your business is to speak to a financial advisor. A financial advisor can help you assess your business’s needs and recommend the best funding options for you.

## Additional Information

For more information on the Business Bounce Back Loan scheme, please visit the [British Business Bank website](https://www.british-business-bank.co.uk/our-products/loans-for-businesses/bounce-back-loans/).

For more information on the Coronavirus Business Interruption Loan Scheme, please visit the [CBILS website](https://www.british-business-bank.co.uk/our-products/loans-for-businesses/coronavirus-business-interruption-loan-scheme-cbils/).

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