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Coronavirus Bounce Back Loan Scheme

Bounce Back Loan Scheme

*Updated on May 5th 2020*

Following the announcement from the government of a new fast track finance scheme for small businesses, we wanted to provide a quick summary of what we know so far about the ‘Bounce Back Loan Scheme’.

The new scheme is designed to help small businesses suffering from the negative effects of COVID-19, by providing loans with a 100% government-backed guarantee for lenders.

The BBL scheme was launched for applications on 4th May 2020 via a network of accredited lenders and will be easy to apply for, reaching businesses within days of their application.

So far almost 110,000 small businesses have applied for a loan through the scheme with £3.3bn provided in support, at an average of £30,000 per loan.

Lloyds reported seeing 5,000 applications within three hours and Barclays confirmed that they had approved 6,000 applications, worth £200m, by the afternoon.

While most lenders on the scheme will only consider existing customers, HSBC have confirmed that they will consider applications from non-customers.

 

Highlights of the scheme:

  • Loan Minimum of £2000 up to a maximum of £50,000
  • Loan terms of up to 6 years
  • No interest or fees for first 12 months
  • No loan repayments for the first 12 months
  • Low interest rates for remainder of the loan

Eligibility:

To apply, your business must be:

  • UK Based
  • Negatively affected by COVID-19
  • Was not an ‘undertaking in difficulty’ on 31 December 2019

The following businesses will not be able to apply:

  • Banks, insurers and re-insurers
  • Public sector bodies
  • Further education establishments if grant funded
  • State funded primary and secondary schools

You will not be able to apply if you are already claiming funding via the Coronavirus Business Interruption Loan Scheme (CBILS).

However, if you have received a loan of up to £50,000 under CBILS and would like to transfer it to the Bounce Back Loan Scheme, you can arrange this up until 4th November 2020.

 

Links To Lenders and Application forms:

Below you’ll find links to the approved BBLs lenders and their application forms.

Most providers are prioritising their own customers first before considering new enquiries.

Barclays – Click here

Lloyds Bank – Click here

Santander – Click here

Clydesdale Bank – Click here

Ulster Bank – Click here

Danske Bank – Click here

HSBC – Click here

NatWest – Click here

Bank of Scotland – Click here

 

More information will be published shortly, and we will update this blog when those details are released.

If you would like further information on the BBL scheme or would like to check your eligibility please call 01242 395 507 or book a call back.

Nicki was very helpful and kept us up to date with everything - even when she had time off she made sure we were updated. Whenever there was a query she got to it quickly and helped us understand the issue so we could answer and solve it straight away. It became a very simple process so we could focus on our business.
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5 stars from start to finish
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All the team have been extremely helpful and kept me in the loop with progress reports as we have gone along. I would definitely recommend Stuart and Cathy for their helpful attitude, nothing has been too much trouble during a time that has been stressful for our business.
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Amazingly quick to get the deal done from start to finish, and to get the money into the bank. A breath of fresh air and the wonder why everyone else can't work like this. Thoroughly recommended.
Amazingly quick
I have dealt with Stuart and his team at Acorn Finance for a number of years now and they are very efficient, always keep you updated, and you receive a personal service. They understand our business needs. The CBILS Loan from initial enquiry to funds in the bank less than a week. I would highly recommend them.
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Get in touch

To discuss financing for your business, contact us either by phone 01242 395 507, email hello@acornbusinessfinance.co.uk or book a callback.

Please note, calls may be recorded for training and quality purposes.

  • +44 (0) 1242 395507
  • hello@acornbusinessfinance.co.uk
  • Suite 1.27, Clockwise Offices, Festival House, Jessop Avenue, Cheltenham, GL50 3SH
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Acorn Business Finance strives to provide clients with the highest level of service. If you feel that our service fails to meet your requirements and you would like report a complaint, get in touch via hello@acornbusinessfinance.co.uk

Acorn Business Finance is the trading name of SJT Corporate Finance Limited. SJT Corporate Finance is registered in England and Wales, number 10919713. Registered office, Festival House, Jessop Avenue, Cheltenham GL50 3SH. SJT Corporate Finance Limited is authorised and regulated by the Financial Conduct Authority, reference number 822913. We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.

Eddie

Eddie

Eddie brings a wealth of experience and knowledge from the finance sector.
Since building up and successfully selling on his own vehicle leasing brokerage, he joined Acorn Business Finance 5 years ago as a consultant covering the North of the country. Based in South Cheshire, he is ideally located to assist SME clients
around the whole area. 

He enjoys building long term relationships with clients and helping them achieve their targets by providing creative funding solutions and watching their businesses grow. Outside of work Eddie enjoys escaping to North Wales to get wet and cold up various mountains, sampling some good food and beer once he gets down again, and spending time with his family – mainly chasing his 2 young sons around.