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Topping up your Bounce Back Loan

Coronavirus (COVID-19) Coronavirus help: business & commercial customers BBLS BBLS top up

We’re ready for top-up applications

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.

Am I eligible to top up my Bounce Back Loan?

You may be eligible if:

  • You borrowed less than the maximum amount you could have when you applied for your original Bounce Back Loan.
  • Your business still needs funding support as a result of the coronavirus pandemic.
  • 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.

You are not eligible if:

  • You have already received the maximum amount of £50,000 from your original Bounce Back Loan individually or as part of a wider group of businesses.

What you need to know about topping up

  • You can only top up once.
  • You have to apply for your top-up with the same lender as your original loan.
  • The minimum top up amount is £1,000.
  • The top-up can be up to £50,000 or 25% of your originally stated turnover – whichever is lower.
  • If you top up, the capital repayment holiday for your Bounce Back Loan still runs for 12 months from the date you received your original funds. For example, if you received your loan on 1 June 2020, and then received your top-up funds on 1 November 2020, the capital repayment holiday period will run to 31 May 2021.

What do I need for my application?

To apply for a Bounce Back Loan top-up, you’ll need to have the following:

  • Your Metro Bank account number and sort code.
  • The business name, address and contact details.
  • The authority to apply for the loan.

Ready to apply for a Bounce Back Loan top-up?

You’re in the right place – click below to log in to the online Bounce Back Loan portal to get started.

Start your top-up journey

Need to continue with your top-up application?

If you’ve already started your Bounce Back Loan top-up application, click here to log in to your online Bounce Back Loan portal to continue.

We’re here to help

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.

More information about our Business Banking

For all the details on business banking with us, click here to read through Our Service Relationship with Business Customers.

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.

FAQs

  • When can I apply to top up my Bounce Back Loan?

    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.

  • How do I top up my Bounce Back Loan?

    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.

  • Will my repayments change once I’ve topped 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.

  • When will my repayments for the top-up start?

    They will start on the same day as the repayments for your original loan – 12 months after you took out the loan.

  • Can I change the term of my 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.

  • I believe I am eligible, but I can’t apply through the portal, what can I do?

    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.

  • I put the wrong turnover amount on my original application, can I change this in order to apply for a top-up?

    No, you can’t change your original turnover amount under the scheme guidelines.

  • Do I have to top up my loan with Metro Bank, or can I go elsewhere?

    You can only apply for a top-up with the bank you took the original loan out with.

  • How long will it take for me to receive my top-up funds?

    Once your application has been approved, the funds should be with you within 48 hours.

  • I have been declined for a top-up, can I try again?

    Unfortunately, if you’ve been declined you will not be able to reapply.

  • My application has been referred – what does this mean?

    This means it is being reviewed by our Bounce Back Loan team, and they will be in touch as soon as possible.

  • Can I top up if I’ve paid back part or all of my loan?

    No, if you’ve made any repayments then you will not be able to top up.