Which banks offer bounce-back loans? – how to find a BBL lender

British Business Bank oversees 29 lenders who offer bounce-back loans

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
Barclays No No
Clydesdale Bank You may have to No
Cooperative bank Yes No
Danish bank Yes No
HSBC No* 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
Santander No No
star Yes Yes
TSB Yes 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

Source: Moneysavingexpert.com

> 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

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