As the number of Bounce Back Loans approved each week continues to drop, I live in hope that a few of those banks that stopped accepting new customers have a change of heart soon and allow new customers to apply for a business account once again.
Lloyds, Santander and NatWest are three banks that may just do so in the coming weeks, however they are going to all need a push from someone high up for them to take that decision.
If not, then the number of Bounce Back Loans issued will continue to drop in number whilst the number of people waiting for an opportunity to apply for one will continue to grow. For reference compared to week one of the scheme, last week just there was a drop of 91% in approved BBL’s.
Those of you who are being declined by every bank you have tried, double check your credit files and look out for incorrect CIFAS markers too, as you will continue to be declined if there are any errors on your credit file or you have a CIFAS marker (information on how to check and what to look out for below).
As for whether any more lenders will be accredited and approved by the British Business Bank, there should be more announced soon, but keep in mind they are likely to be “obscure” lenders that are only going to lend to their existing customer base.
The Bounce Back Loan scheme does need extending, as it is due to close on November the 4th, as for whether it will be extended, well there is no doubt in my mind those in power and who can make that decision are 100% aware of the problems faced by those who haven’t yet got a BBL, and as such I’m hoping they see sense and do extend it.
Time for a quick overview of the current state of play with all banks that are accredited Bounce Back Loan lenders, below you will find information on whether they are accepting new applications for bank accounts, and an insight into what you can expect if you manage to apply for a BBL with each of them.
Adam and Company
Adam and Company are a private bank accredited by the British Business Bank to offer Bounce Back Loans, but you are going to have to have reserves/assets of £1 million to be able to open an account with them, if you are lucky enough to have such funds available be aware that they are only offering BBL’s to their existing customer base.
It will not surprise you to learn that I have yet to hear from anyone who has applied for a BBL with Adam and Company, and its fair to say they probably have not given out many such loans.
AIB are accepting new customers, you are however going to have to apply in-branch, they have made that as simple as possible to do, you simply download their bank account application form, fill it in then make an appointment to visit one of their branches.
They have the standard Bounce Back Loan application form available online, however you do need to have a business account with them set up before applying. Be aware there are two application forms, one for Northern Ireland based customers and one for those in the rest of the UK, so make sure if you are one of their customers you fill in the correct one when applying for a BBL.
Another bank for those awash with cash, some very high cash reserves are needed to even be considered for an account with them, Bounce Back Loans are available from them and probably quite readily to those who already hold an account with them.
Bank of Ireland UK
You will only currently get a Bounce Back Loan with Bank of Ireland if you had a business account opened before the 4th May 2020.
Bank of Scotland
Bank of Scotland are not accepting new applications for business bank accounts, however if you have a current account with them and not a business account and have been using that account for your business then you can onboard with Lloyds using the onboarding link HERE,
That personal account however must have been opened and in use before the 2nd of March 2020 if not you cannot onboard with Lloyds.
Barclays are accepting new business account applications, that does of course mean that you are going to experience a longer processing time for any such account you apply for. Had lots of complaints though about Barclays mainly about the amount of time you must wait for the funds to drop into your account.
They aim to pay in 24 hours of your application being approved, but that is not set in stone, despite any onscreen message you may get telling you your loan will be paid out in 24 hours after completing their online BBL application form.
Capital on Tap
A newly accredited lender but one that will not allow new customers to apply for a Bounce Back Loan.
The Close Brothers bank logo has just appeared on the British Business Bank website as an accredited lender, however they have not launched their BBL system yet and early indications are that BBL’s will only be available to their current customers.
You can apply for a business bank account with Clydesdale Bank online, and just so you know I have seen plenty of my followers and lurkers on Twitter getting an account with them.
Once your business bank account is opened you can then apply for a Bounce Back Loan. Expect the bank account opening to take slightly longer than it normally would. They do of course reserve the right to decline anyone for a new business bank account, and they have declined many people for various different reasons.
Coutts are a private bank and you will need to have plenty of cash to open an account with them as is often the case with such banks. If you are a millionaire and need a Bounce Back Loan, then give them a try I am sure they will be happy to help you get one.
I have received zero complaints about Dankse Bank but be aware that like most other banks they are only accepting their own business customers only. What I do like about that bank is that they list the email address and even mobile phone numbers of each Northern Ireland branch Manager, so if you do have a problem you can contact the branch manager personally. They do accept new customers from Ireland, and you can apply via their Business Direct Team on 0345 266 6555.
Many people have gone on a nightmare journey with HSBC, much more so those who have applied for one of their Feeder Accounts. They are the worst bank out there by far and as such you should only consider applying for a Feeder Account with them if you have plenty of time to wait and be aware there are no guarantees what so ever that you will be given such an account, even if you have been waiting for weeks/months.
One brand new way of applying for a new business account though with HSBC is via their very recently launched HSBC Kinetic App. Its only available as an iOS app (Android app coming soon), but you can have an account set up in a day or so and then apply for a Bounce Back Loan.
Investec are one of the much more recently accredited banks/lenders that require a huge initial deposit before you can open an account with them. So, unless you have a huge stash of cash available to open an account with them you have no chance whatsoever of getting a Bounce Back Loan with them.
One of the best if not THE best bank out there for rapid processing and paying out of Bounce Back Loans. They are not are not accepting new customers however for business accounts.
They will let you open a business account though if you have been using a personal bank account with them for business purposes and that account was opened before the 2nd of March 2020, and to do so simply make use of their onboarding link HERE.
Halifax are not part of the Bounce Back Loan scheme. However, Lloyds will allow you to onboard with them if you have had a Halifax current account opened before the 2nd of March this year. Use this Halifax – Lloyds onboarding link to onboard with Lloyds.
A recently accredited Bounce Back Loan lender, Funding Circle are only offering Bounce Back Loans to their current customers, and ones that they have invited to apply for them.
One of the game changers for sure, Metro Bank have been firing out Bounce Back Loans since they launched their scheme, admittedly later than the other main banks.
Just be aware that due to demand they are operating an appointment scheme, whereby you need to make an appointments to visit on of their “stores” (branches), and by doing so you will be sent on your way after the appointment if all goes well with your new bank account details, and then can instantly apply for a Bounce Back Loan, which gets paid usually within 24 hours.
I have however received plenty of complaints about Metro Bank, as they have been declining lots of people applying for a business account, often based on them not “liking” the business market sector that some applicants operate in.
I am aware that NatWest have sorted out a lot of their customers with Bounce Bank Loans, however they do have an annoying way of declining people.
You take risks applying with them, and unless you are an established business bank account customer of theirs, then do not pin any hope on you getting a Bounce Back Loan or even a business bank account from them.
Several recently accredited Bounce Back Loan lenders/banks have been Private Banks, and that is what Paragon are, meaning that you are not going to be able to get a bank account with them unless you have a lot of money available to make an initial deposit, so I would forget about applying with them, unless you already have an account with them.
Despite lots of early complaints, Santander have finally started to get much better.
They have also suddenly made up a new rule that states you cannot apply for a Bounce Back Loan unless you had an account with them opened and in use before the 1st of March 2020.
Skipton Business Finance
Skipton operate a rathe unique type of business model and as such unless you are a customer of theirs and utilize that invoice advance type of scheme then you cannot apply for a Bounce Back Loan with them.
You cannot now open a business account with Starling Bank if you are a Sole Trader as they have suspended such account openings (could change at any time). They are also now operating a Bounce Back Loan application waiting list.
Be aware that Starling Bank operate their own additional eligibility test for applicants, and as such if they do not like you or your business you will not get a Bounce Back Loan from them. They are not guaranteeing you will get an invite for a Bounce Back Loan with them even if you are on their waiting list, so you could be on that list for months and never end up getting a BBL from them.
The Co-Operative Bank is accepting applications for business accounts however to get such an account you will have to wait for a longer period of time than normal, due in no small part to huge demand.
Also, if you are one of their personal current account customers who is eligible to apply under the BBL Scheme, then they will let you apply but you will first have to open a business current account with them to then go on to apply for a Bounce Back Loan.
They recently sneaked in a new rule that states you cannot apply for a Bounce Back Loan with them if your bank account was opened after the 6th of July 202.
Like many other banks, RBS have suspended their new business account application system, and therefore the only people who can apply of a Bounce Back Loan with them are those that already have a business account with them.
Tide have no money to lend out and have suspended lending. Why the British Business Bank still have them listed as an accredited lender is unknown.
One thing to note about TSB is that you can open a business account with them, however when you attempt to do so they will then contact you and tell you that your new business bank account application will be processed, but you have to confirm that to get such an account you will then not go on to apply for a Bounce Back Loan.
That is a scandalous way to treat people, so unless you are already with TSB forget about trying to open a new account with them unless you want such an account but not a Bounce Back Loan.
Ulster Bank, much like their sister bank RBS are not accepting new business account applications, so if you are a customer of theirs then you can apply for a Bounce Back Loan, and they aim to pay it out after 3 business days of you applying and being successful
Yorkshire Bank is of course a sister bank of Clydesdale Bank, and therefore much like that other bank you can apply for a business bank account online in 15 minutes, but be aware it is taking them a little longer to process new accounts. But once you have been successful in opening a new business account with Yorkshire Bank you can then go on to apply for a Bounce Back Loan.
Been Declined a Bank Account or BBL?
Please read below for some reasons as to why you may be declined a bank account and/or a Bounce Back Loan with some lenders.
Many people who are declined tend to fear it is their credit rating/score that is the cause of a decline, and whilst that can and may play a part obviously, there can be a whole host of other reasons, some of which can be sorted out, and when the latter is the case you may find it much easier to open a bank account and/or obtain a Bounce Back Loan.
Some Lenders can and will and are in within their rights to decline anyone for an account and/or BBL based on their own criteria in additional to that laid down by the British Business Bank.
With that in mind, if you have checked all of the following and/or have been declined by one lender then you are also within your rights, and encouraged to apply to any other lender that is part of the Bounce Back Loan scheme.
Potential reasons not relating to credit score/rating
SIC Code – Not matching on companies house vs what you put in your application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name(s) not matching companies house and/or
Voters roll e.g. Chris vs Christopher, as your middle name.
Business address not matching, has your accountant used their address to register? What is your correspondence address at companies house?
Business name not matching e.g. Ltd v limited
Recent changes of directorship and/or ownership – red flag at the moment due to BBL fraud
Markers registered against the company or director
Previous financial relationship with the bank or one its subsidiaries that did not end well
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation from a bank ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you accept any offer of compensation and the amount you accept too.
Bank and Lender Updates
Be aware things can change in an instant at any bank and as such I will now give you an overview of how things are going with each bank, and let you know how and where to contact if you want to try and chase up your Bounce Back Loan application and find out where things stand with each bank.
Each bank will have their own criteria for opening accounts, and some lenders also have their own set of rules regarding who they will allow to open an account and/or apply for a Bounce Back Loan.
They appear to have now launched their online Feeder Account Portal, which hopefully does away with the exceptionally long and drawn out process for applying for such an account.
Many people who had previously applied for a Feeder Account are still waiting for their call backs to set up the account, and/or to receive all related documents and many people are still waiting for payment.
Be aware many people have been declined for such an account when using that portal, and also when they have applied for a feeder account during the telephone interview for such an account.
Useful Email Addresses for Contacting HSBC:
Lloyds continue to do what they do best, process, and pay out BBL applicants quickly and with no fuss or hassle.
Be aware that if you hold a Bank of Scotland or a Halifax or Lloyds personal bank account you can use the Onboarding Portal to get a Lloyds Business Account and then can apply for a Bounce Back Loan.
Be aware though the dates listed on the website, as you will have had to have a personal bank account in operation before those dates to be able to onboard with Lloyds, if you have opened an account after the dates you will not be able to use that onboarding system.
Lloyds CEO Email Address
Metro Bank have now launched their Bounce Back Loan scheme, which is a sight to behold.
Due to the speed at which applicants are processed, and the rapid pay-outs too, many people wish they had an account with them, as their Bounce Back Loan journey would be an easy one for sure.
Metro Bank will let you register an interest in opening an account with them online and they will then make contact with you to arrange an appointment in one of their banks or ”stores” as they like to call them.
Applicants simply join an online queue and when it is their turn to apply for a Bounce Back Loan (which can be after a few hours), they then fill in the application form and once done they are then either approved on the spot, declined or told whether any additional information is required.
The feedback from many people is that Metro Bank are the game changer, as unlike most other banks people get to know at the end of their application their fate, without having to wait for days or weeks to discover what is going on with their application, as has been the case with other banks.
Email the CEO of Metro Bank Dan.firstname.lastname@example.org
Tide have run out of money to lend and are desperately scrambling around trying to raise more to increase the number of applications they can process, as such you can expect a huge delays before any application you have put in will be processed.
To be fair to the Co-Op not many people have been complaining about them, I have had a few here and there and some have been sorted out but every now and then I get someone appearing and asking for help.
Co-Op Bank CEO Email Address
Yorkshire Bank and Clydesdale Bank
I get the odd complaint about both Yorkshire Bank and Clydesdale and it is always worth checking out their respective BBL sections of their websites for updates, seen reports of those banks taking applications for new bank accounts by the way, but check that out as it can change at any time.
Yorkshire Bank CEO Email Address
Clydesdale Bank CEO Email Address
I am still getting all manner of weird and wonderful complaints about Barclays, it does appear though that many applicants now fly through their Bounce Back Loan system, but many are still experiencing problems with applying, getting paid and contacting the bank.
Barclays CEO Email Address
NatWest and RBS
The usual complaints about NatWest and RBS, including poor communication, problems applying for a BBL and even people being declined. Once again you need to start haranguing the right people to have any chance of your problems being resolved.
They have been paying many applicants out obviously, so if you do manage to have a hassle free experience then you should get paid out fairly quickly, even if it is not in the time scale you had hoped for.
Be aware that you may apply, not hear anything and then out of the blue get an email saying they are so busy your application is being dumped and not looked at.
NatWest / RBS CEO Email Address
Much like some of the above banks Santander have attracted plenty of complaints, but in all fairness many followers, and many long-time ones too have found emailing their CEO does get a response and their claims processed quickly. They too have also been dumping applicants via a mass cull type of email so be warned.
Santander CEO Email Address
Starling Bank operate a waiting list type of system, however, be aware they have additional criteria of their own as to whom they will supply a Bounce Back Loan to. Therefore, there are no guarantees you will get a loan from them. They have declined many thousands of applicants.
Skipton Building Society
Skipton Building operate a different business model than most mainstream lenders so you will need to check their website to find out more about what they have on offer to applicants.
You will be asked to sign away your rights to be able to apply for a Bounce Back Loan if you try to open a new account with TSB. As such do not waste your time trying to get such an account with them if your intention is to apply for a TSB Bounce Back Loan.
TSB CEO Email Address
Other Bounce Back Loan Lenders
The following are other Bounce Back Loan Lenders, be aware I receive very few if any complaints about any of the following.