Which banks offer bounce-back loans? – how to find a BBL lender
Which banks offer bounce-back loans?
29 lenders, including all banks, offer bounce-back loans.
Adams & Company Bounce Back Loan
AIB Bounce Back Loan
Arbuthnot Latham Bounce Back Loan
Bank of Ireland UK Bounce Back Loan
Bank of Scotland Bounce Back Loan
Barclays Bounce Back Loan
Capitalontap Bounce Back Loan
Close Brothers Bounce Back Loan
Clydesdale Bank Bounce Back Loan
Conister Bounce Back Loan
Coutts Bounce Back Loan
Danske Bank Bounce Back Loan
Funding Circle Bounce Back Loan
GCBF Bounce Back Loan
HSBC UK Bounce Back Loan
Investec Bounce Back Loan
Lloyds Bank Bounce Back Loan
Metro Bank Bounce Back Loan
NatWest Bounce Back Loan
Paragon Bounce Back Loan
Santander Bounce Back Loan
Skipton corporate finance
Starling Bank Bounce Back Loan
The credit union bounce back loan
RBS Bounce Back Loan
Tide Bounce Back Loan
TSB Bounce Back Loan
Ulster Bank Bounce Back Loan
Yorkshire Bank Bounce Back Loan
Can I get a bounce back loan without a business account?
Most banks state that existing retail customers need a separate business account to service their bounce-back loan.
Danske Bank, RBS / NatWest, Starling, TSB and Ulster Bank state that you need to open a business account even if you are already a customer.
And the Bank of Scotland, Clydesdale and Yorkshire Bank say you may need to open what is called a feeder account for your bounce back loan.
Which lenders for bounce-back loans are open to new customers?
|Bank||Do existing customers need to open a business account to apply?||Does the bank accept new BBL customers?|
|Bank of Scotland||No, but you must open a no-fee “Loan Service Account”.||No|
|Clydesdale Bank||You may have to||No|
|Lloyds Bank||No, but you must open a no-fee “Loan Service Account”.||No|
|NatWest||Yes, open a feeder / business account||No|
|RBS||Yes, open a feeder / business account||No|
|Ulster Bank||Yes, open a feeder / business account||No|
|Yorkshire Bank||You may have to||No|
|* HSBC customers had to have a feeder account approved by September 30, 2020|
> See also: Lloyds knocked for forcing bounce back loan borrowers to open accounts
Can I have a bounce back loan if I am a new customer?
Currently, only Starling Bank accepts new bank customers for bounce-back loans
How do I apply for a bounce back loan?
Once you’ve decided on a lender – who now has to be your personal account provider alongside Starling Bank – you’ll need to fill out a short application form online confirming that your company is eligible for a bounce-back loan.
How do I know if I am eligible?
Your company must be able to explain to the lender itself that it:
- was affected by the coronavirus (Covid-19) pandemic
- was not a “business in trouble” as of December 31, 2019
- trades or trades in the UK and was incorporated through March 1, 2020
- does not use the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF) unless the Bounce Back Loan refinances the entire CBILS. CLBILS or CCFF facility
- is not in bankruptcy or liquidation at the time the funding application is submitted
- earns more than 50 percent of its income from its trading activity
Are Companies Not Eligible For Bounce Back Loans?
Bounce-back loans are available to companies in all industries, with the exception of:
- Credit institutions
- Insurance companies
- Public sector organizations
- state-funded elementary and secondary schools
What if i qualify for a bounce back loan?
If your company is eligible, you are exposed to related customer fraud, AML and Know Your Customer (KYM) checks.
Do I have to give a personal guarantee?
Under the Bounce Back Loan Scheme (BBLS), lenders are not allowed to:
- Take any form of personal guarantee
- Take recovery measures for the borrower’s personal assets (such as your primary residence or personal vehicle).
How long do I have to wait for a decision?
Lenders should deposit the money into your business account within a few days. However, anecdotally successful applicants had to wait weeks for their applications to be processed.
Read on about bounce back loans
Government Bounce Back Loan for Your Small Business