The Bounce Bank Loan Scheme is one of a number of government-backed lending schemes designed to support businesses affected by Coronavirus.
Lending through the Bounce Back Loan scheme is capped at £50,000 and is 100% government backed initiative for small businesses.
You can apply for a loan between £2,000 and £50,000 up to a maximum of 25% annual turnover. The loan will be repayable over a 6 year term.
No repayments are required for the first 12 months, and you won’t pay any charges should you decide to repay early the loan early.
The interest rate is fixed at 2.5% APR.
To apply for a Bounce Back Loan banks are asking for a simple online application to be completed, with funds transferred to your bank account within days of the application being accepted.
Banks currently offering Bounce Back Loans
Bank of Scotland – You must be using your Bank of Scotland Business Current Account as your main business account.
Barclays – Apply through online banking, you must therefore be a current Barclays customer.
Clydesdale – If you have a Business Current Account or Personal Current Account with Clydesdale Bank, you can apply online.
DanskeBank – Existing Danske Bank business customers only.
HSBC -Any business can apply online at https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme.
Lloyds Bank – You must be using your Lloyds Bank Business Current Account as your main business account.
NatWest – You must be an existing business banking customer
Santander – You have a Santander current account. If you don’t have a Santander current account you can however apply to get one setup for the purposes of receiving the loan.
Royal Bank of Scotland – You must be an existing business banking customer.
Ulster Bank – You must be an existing business banking customer.
Starling Bank – You must use the Starling account as your main business account to apply.
So far our clients have had a high acceptance rate with the loan amounts paid into their business accounts within 48 hours of applying for the loans. We recommend if your business is affected by Coronavirus that you apply for the loan.
If you would like to discuss if you should apply for a Bounce Back Loan please get in touch on 01228 904 904.