Hope you had as enjoyable a Christmas and New Year as was possible, or at least kept yourself safe. We finally waved goodbye, well much more likely stuck two fingers up to 2020 and with the New Year comes renewed hope things will get better.
Whether they will or not remains to be seen though, for the next few months at least are going to be as messed up for most people as most of last year was, and if old Rishi is not wheeled out pronto and offers some level of additional support not many of us are going to be in business for much longer.
I spent the early hours of today playing catch up regarding the current situation regarding Bounce Back Loan lenders and was not too surprised to learn nothing much has changed. Below is an overview of each of the BBL lenders and how they are currently operating regarding BBL’s:
Bank Accepting New Customers:
Starling Bank – You will need to go on their “interest/waiting list” once you open a new business account with them. They do not guarantee you will get a BBL when on that list, however they do invite at least one batch of people off that list to apply weekly. No timescales are given for/if you will be invited or how long you will have to be on that list before you get invited to apply for a BBL.
Starling Bank Bounce Back Loan Website
Skipton Business Finance – Be aware that they cannot offer the BBL scheme as a standalone loan. They can only offer the scheme alongside an Invoice Finance facility. You can apply if you are a UK-based and trade Business-to-Business (B2B) – I.E., not direct to consumers and are looking for a BBLS loan alongside an Invoice Finance facility.
Skipton Business Finance Bounce Back Loan Website
Onboarding
Halifax – You can apply for a Lloyds business account or loan servicing account then go on to apply for a Bounce Back Loan if you operated your business via your Halifax Personal Account before March 2nd, 2020. You will need to use the Onboarding link below to do so.
Halifax – Lloyds Onboarding Link
First Direct Account – You can onboard with HSBC if you are an existing First Direct Account holder and are a sole trader subject to the terms laid out on the HSBC Website.
HSBC Bank Bounce Back Loan Website
Cater Allen – You can onboard with Santander if you are an existing Cater Allen Account holder, but only if that account was opened before March the 1st 2020.
Santander Bounce Back Loan Website
Lenders with a Waiting List or Paused Lending
GC Business Finance – Only Manchester based businesses can apply for a BBL with GC Business Finance they have of course been overwhelmed but have a “waiting list”. With only a small amount of funding available it will not last long though.
GC Business Finance BBL Website
Conister Bank – Whilst Conister Bank have paused their lending, I have been aware for quite some time now they have been asking some of the 4000+ that did apply out of the blue if they are still interested in a BBL and have been processing their applications. How long this will continue is anyone’s guess, but currently they are not accepting/processing any new BBL applications.
Conister Bank Bounce Back Loan Website
Tide – Tide ran out of allocated funds to lend a long time ago and unless they magically pluck £m’s from somewhere they are unable to offer a Bounce Back Loan to their customers. They have launched their “Tide Charity” which has (when they have enough funds) already started firing out grants.
Close Brothers – Close Brothers have announced that they are no longer offering Bounce Back Loans.
Close Brothers Bounce Back Loan Website
Lenders Offering BBL’s to Existing Customers Only
Adam and Company – Only allowing existing customers apply for a Bounce Back Loan
Adam and Company Bounce Back Loan Website
Arbuthnot Latham – Only allowing existing customers apply for a Bounce Back Loan
Arbuthnot Latham Bounce Back Loan Website
Bank of Ireland – Currently only accepting new BBL applications from those with Business Current Accounts opened on or before 4th May 2020. They will keep this position under review and provide further details on their website if this changes.
Bank of Ireland Bounce Back Loan Website
Yorkshire Bank – Only accepting Business Current Account applications from existing Yorkshire Bank customers or new customers with a business established on or after 2nd March 2020. Note the date, that means you can apply for an account with them but will not be allowed to apply for a Bounce Back Loan as to qualify for one your business needed to be trading before not after that date.
Yorkshire Bank Bounce Back Loan Website
Ulster Bank – Bounce Back Loans are available to existing Ulster Bank customers with an account opened on or before 4 May 2020. If you opened an Ulster Bank Business bank account after this date, you will not be able to apply for a Bounce Back Loan with them.
Ulster Bank Bounce Back Loan Website
Allied Irish Bank – Only accepting existing customers.
Allied Irish Bank (GB) Bounce Back Loan Website
Allied Irish Bank (NI) Bounce Back Loan Website
Bank of Scotland – You will not be able to get a BBL from Bank of Scotland if your Business Current Account was opened on or after 11 December 2020. However, if you manage your business through a Bank of Scotland Personal Current Account opened before the 2nd of March 2020 you can apply but need to open either a Business Account or a Loan Servicing Account:
Bank of Scotland Bounce Back Loan Website
Lloyds – You will not be able to get a BBL from Lloyds if your Business Current Account was opened on or after 11 December 2020. However, if you manage your business through a Lloyds Personal Current Account opened before 2 March 2020 you can apply but need to open either a Business Account or a Loan Servicing Account:
Lloyds Bank Bounce Back Loan Website
Barclays Bank – Barclays cannot offer you a Bounce Back Loan if you are operating your business through accounts with other banks. To apply for a Bounce Back Loan with Barclays you will need to be a Barclays Business customer or have a personal current account with them that was opened on or before the 1st of March 2020.
Barclays Bank Bounce Back Loan Website
Capital on Tap – Only existing customers can apply for a Bounce Back Loan.
Capital on Tap Bounce Back Loan Website
Clydesdale Bank – Only accepting Business Current Account applications from existing Clydesdale Bank customers or new customers with a business established on or after 2nd March 2020. Note the date, that means you can apply for an account with them but will not be allowed to apply for a Bounce Back Loan as to qualify for one your business needed to be trading before that date.
Clydesdale Bank Bounce Back Loan Website
Coutts Bank – Only existing customers can apply for a Bounce Back Loan.
Coutts Bank Bounce Back Loan Website
Dankse Bank – Only existing customers can apply for a Bounce Back Loan.
Dankse Bounce Back Loan Website
Funding Circle – Only existing customers can apply for a Bounce Back Loan.
Funding Circle Bounce Back Loan Website
HSBC Bank – You can apply for a Bounce Back Loan with HSBC if you are an existing Business Current Account or Business Feeder Account holder with HSBC UK or have an application in progress for a Business Current Account or Business Feeder Account with HSBC UK which was submitted before 9am on the 30th September 2020, or are eligible sole traders using their existing HSBC UK Personal Account.
HSBC Bank Bounce Back Loan Website
Investec – Only existing customers can apply for a Bounce Back Loan.
Investec Bounce Back Loan Website
Paragon – Only existing customers can apply for a Bounce Back Loan.
Paragon Bounce Back Loan Website
Co-Operative Bank – Only existing customers can apply for a Bounce Back Loan.
Co-Operative Bank Bounce Back Loan Website
Metro Bank – Metro Bank are not accepting new customers for Business Accounts. However, they are accepting applicants from those who qualify for the RBS Incentivised Business Switching Scheme and wish to open an account.
**Update they have just reopened their online business account application system for single Director LTD’s and have told me those who do manage to open an account can go on to apply for a BBL. This may change at any time though.
Metro Bank Bounce Back Loan Website
Santander Bank – You can apply for a Bounce Back Loan with Santander if you have a current account opened before March the 1st 2020.
Santander Bank Bounce Back Loan Website
TSB Bank – You can only apply for a Bounce Back Loan with TSB if your account was open before the 11th of May 2020.
TSB Bank Bounce Back Loan Website
RBS Bank – Bounce Back Loans are available to existing RBS Bank customers on or before the 4th of May 2020. If you opened an RBS Bank Business bank account after this date, you will not be able to apply for a Bounce Back Loan with them.
RBS Bank Bounce Back Loan Website
NatWest Bank – Bounce Back Loans are available to existing NatWest Bank customers on or before the 4th of May 2020. If you opened an NatWest Bank Business bank account after this date, you will not be able to apply for a Bounce Back Loan with them.