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Applying for Bounce Back Loans

Find out how to get up to £50,000 with a fast loan from your bank.

Ollie Maitland May 02, 2020

** We update this post as new information is released **

 

The government has rolled out Bounce Back Loans, a digital loan scheme, to support small businesses with their cashflow in the immediate future.  

Launched on Monday 4 May, the scheme fast-tracks funding to SMEs with loans that are 100% government-backed guarantee for lenders. The government will also pay any fees and interest for the first 12 months (no repayments will be made within this time).

Businesses who have taken a BBL can now refinance this into a CBIL.

Links to application forms

 

At this time Capitalise.com is not able to help with Bounce Back Loans so here are the application forms of those providers who can.

Providers are mainly only accepting (or prioritising) existing customers first.

 

provider APPLICATION FORM
https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/
  https://secure.cbonline.co.uk/landing-pages/business-bounce-back-loan/
  https://danskebank.co.uk/business/products-and-services/loans-and-credit/bounce-back-loan-scheme
  https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme
   https://www.lloydsbank.com/business/coronavirus/bbls.html
https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html
  https://www.business.rbs.co.uk/business/support-centre/service-status/coronavirus/bounce-back-loan.html
https://www.santander.co.uk/business/borrowing-and-finance/bounce-back-loans
  https://www.tsb.co.uk/business/loans-and-finance/bounce-back-loans/
  https://aibgb.co.uk/
https://www.bankofirelanduk.com/business/business-covid-hub/bounce-back-loan-scheme-bbls/
  https://business.bankofscotland.co.uk/business-home/coronavirus/bbls.html
  https://www.co-operativebank.co.uk/business/coronavirus/bounce-back-loan-scheme
  https://www.skiptonbusinessfinance.co.uk/bounce-back-loan-scheme-bbls
  https://www.starlingbank.com/business-account/business-bounce-back-loan-scheme/
  https://www.tide.co/bounce-back-loans/
  https://secure.ybonline.co.uk/business/our-products/loans-and-finance/borrowing-facilities/business-loan/business-bounce-back-loan/
  https://www.fundingcircle.com/uk/coronavirus/bounce-back-loan-bbls/

 

What we know so far

Here are the key pieces of information:

  • Borrow between £2,000 and £50,000 (up to 25% of a business’ turnover)
  • Repay over 6 years, 2.5% interest rate, no early penalty
  • Personal guarantee is not required
  • As with CBILS, loans will be interest free for the first 12 months.
  • 12 month capital repayment holiday is automatically applied at the start of the loan
  • Businesses can apply online through the 7 question forms above 
  • Once approved, the cash will be available in days

 

If businesses need more than £50,000 then they should consider applying for a CBILS loan instead.

 

As with CBILS the borrower always remains fully liable for the debt

Bounce Back Loan Scheme eligibility criteria

Businesses from all sectors can apply for a facility with few exceptions. The business must self-certify to its lender the following:

  • Confirm it is UK-based in its business activity, and established by 1 March 2020
  • Confirm it has been adversely impacted by the Coronavirus (COVID-19)
  • Confirm it is not currently using a government-backed Coronavirus loan scheme (unless using BBLS to refinance a whole facility)
  • Confirm it is not in bankruptcy, liquidation or undergoing debt restructuring

 

The Chancellor of the Exchequer, Rishi Sunak, said:

Our smallest businesses are the backbone of our economy and play a vital role in their communities. This new rapid loan scheme will help ensure they get the finance they need quickly to help survive this crisis.

Join our live sessions to find out more

 

Keen to found out more about Bounce Back Loans and CBILS?

We're running a series of live sessions for accountants to discuss how to support your clients in times of COVID-19, new governement initiatives such as CBILS and Bounce Back Loans and life for businesses after lockdown. 

 

 

Frequently asked questions

 

1. What happens if a business' bank isn't in the list of providers?

Most providers are focusing only on existing customers however they have said they will accept "new to bank". If any of the directors have any account (a personal account for example) then approach that provider first. HSBC for instance is accepting application from any bank.

 

2. Can I apply and receive a Bounce Back Loans if I have CBILS?

Yes, you can now refinance a Bounce Back Loan into a CBIL.

 

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