The UK Government has announced some changes to the Bounce Back Loan scheme. These include businesses being able to ‘top up’ their existing loan, if they’re still in need of funding as a result of the coronavirus pandemic and their original Bounce Back Loan was less than the maximum they could have applied for. Full details from the British Business Bank can be found here.
We’re ready for top-up applications – click below to log in to your online Bounce Back Loan portal to get started.
You may be eligible if:
You are not eligible if:
To apply for a Bounce Back Loan top-up, you’ll need to have the following:
If you have any questions about the Bounce Back Loan scheme 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 – so you may have to wait to speak to us. If you need to visit us in store, please follow the social distancing guidelines.
The Bounce Bank Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website: www.british-business-bank.co.uk.
We’re pleased to say we are now ready for top-up applications – if you do wish to apply, please click ‘Start your top-up journey’ above to get started.
The scheme is running until 31 January 2021, so you have until then to make your application.
Click ‘Start your top-up journey’ above. You’ll be redirected to the loan portal you used to apply for and manage your original Bounce Back Loan. Once you’ve logged in, you’ll be able to apply for your top-up.
Your loan period and first repayment date will stay the same (12 months after you took out the loan) and your payment schedule will keep the same dates. Your repayment amount will change to reflect the top-up.
They will start on the same day as the repayments for your original loan – 12 months after you took out the loan.
Not at the moment. More changes are due to be announced by the UK Government next year, and changing your term should be a part of that. We will get in touch next year with updates.
We have contacted all our customers who we believe are eligible. If you haven’t heard from us, but think you’re eligible, visit the British Business Bank’s website or give us a call.
No, you can’t change your original turnover amount under the scheme guidelines.
You can only apply for a top-up with the bank you took the original loan out with.
Once your application has been approved, the funds should be with you within 48 hours.
Unfortunately, if you’ve been declined you will not be able to reapply.
This means it is being reviewed by our Bounce Back Loan team, and they will be in touch as soon as possible.
No, if you’ve made any repayments then you will not be able to top up.