The Bounce Back Loan Scheme (BBLS) is now available through a number of accredited lenders across the UK.
Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days. Loans are interest free for the first 12 months, and businesses are able to apply online through a short and simple form.
The rate of interest is expected to be around 2.5%.
How to apply
The following lenders are accredited for the BBLS, most of which are offering online applications. More lenders are expected to come online within days.
- Bank of Scotland
- Clydesdale Bank
- Danske Bank
- Lloyds Bank
- NatWest Bank
- Royal Bank of Scotland
- Ulster Bank
- Yorkshire Bank
In the first instance it is recommended to approach your existing banking provider. If they turn you down you can approach other lenders to access the finance you require.
Who can apply
Businesses must be able to self‑declare to the lender that it:
- has been impacted by the coronavirus pandemic
- was not a business in difficulty at 31 December 2019
- is engaged in trading or commercial activity in the UK and was established by 1 March 2020
- is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the facility
- is not in bankruptcy or liquidation, or undergoing debt restructuring at the time of application
- derives more than 50% of its income from its trading activity (this requirement excludes charities or further-education colleges)
- is not in a restricted sector
For more information, visit the British Business Bank FAQ page HERE >>
During these challenging times we are offering ALL businesses complimentary advice from some of our experts to help you through the pandemic.
If you’re looking for funding advice you can book a call with our Corporate Finance Partner, Steven Lindsay by simply clicking the button opposite.
Steven specialises in fund-raising, management buy-outs/buy-ins, acquisitions and disposals in all sectors.