To give borrowers using the Bounce Back Loan Scheme more flexibility to pay back their loan, the Government has announced new repayment options called Pay As You Grow.
If you already have a Bounce Back Loan, you don’t need to do anything – we will send you your repayment schedule before your first payment is due, and explain the Pay As You Grow options.
To find out more about Pay As You Grow, visit the British Business Bank’s website here.
Small businesses are at the heart of our communities, and key to our local and national economy. That’s why we want to do everything we can to help our business customers recover from the impact of the coronavirus pandemic.
Our ambition to become the UK’s best community bank is more important now than ever, so we’re proud to be part of the British Business Bank’s Bounce Back Loan Scheme (BBLS).
Backed by the UK Government, the scheme is designed to support small businesses by offering a fixed-rate loan of up to 25% of your turnover, between £2,000 and £50,000, that’s interest-free for you for the first year.
From 26 June, Limited Liability Partnerships (LLPs) will also be able to apply for one of our Bounce Back Loans. Please see below for the eligibility requirements for BBLS.
Borrow up to 25% of your annual turnover in 2019, up to a maximum of £50,000. Find out more from the British Business Bank.
It doesn’t take long to apply, and you only need a few pieces of info about you and your business.
Your loan is backed by the UK Government, and there are no fees or interest for the first 12 months.
You may be eligible if:
You are not eligible if:
We will need more information if:
To apply for a Bounce Back Loan, you’ll need to have the following:
We are expected to do the following in respect of your Bounce Back Loan:
We will also provide you with the following information in relation to your Bounce Back Loan during its term:
The above is for your information only.
We always try to give the best possible service. If, however, you want to make a formal complaint to us, you can find more information on our complaints procedure and the Financial Ombudsman Service here.
You’re in the right place – click below to get started. To keep our systems running smoothly and give all our customers an equal opportunity to make an application, we’re using a queuing system. The queue limits how many people can access our application form at the same time. Once you click ‘Apply online now’, you’ll be taken to our queuing page and see where you are in the line. At very busy times we may need to temporarily close the queue.
Once you’re in the queue, if you want to, you can enter your email address to receive an email letting you know that it’s your turn – so there’s no need to wait around.
When you reach the front of the queue, you’ll have ten minutes to enter the application process. We’ll let you know if your application has been accepted as soon as we can.
Just to let you know, we may then run additional checks on your business, which can change our decision on your loan.
If you’ve already set up your Bounce Back Loan username and password, or you’ve had an email from us asking you to resume your application and review your loan offer, you need to click here to carry on.
If you have not set up your log in details or received this email, you need to click ‘Apply online now’ above.
You can now top up your existing loan if you’re still in need of funding as a result of the pandemic, and your original Bounce Back Loan was less than the maximum you could have applied for. Full details from the British Business Bank can be found here.
If you have any questions about the BBLS or need help applying, read through our help page or get in touch with us on 0203 402 8140 between 8am and 6pm, Monday to Friday. We are receiving a lot of calls while the pandemic continues – so you may have to wait to speak to us. If you need to visit us in store, please follow the social distancing guidelines.
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.