Someone was certainly working late at the British Business Bank last night, as they did contact me late last night with the answers to a whole range of different questions, I had asked them.
I did receive a whole slew of documents from them and as such I am working my way through them all to see if any of the information, they sent me will be worth passing onto you.
Something that certainly is, is regarding whether there are any new Bounce Back Loan lenders currently going through the accreditation process, as plenty of you out there are still struggling to get a BBL.
Well, here is the question I asked them on that very topic and their reply:
“How many, if any, **new lenders are currently going through the Bounce Back Loan facility approval process?
**New meaning any that ARE or ARE NOT currently offering other Government backed loans.”
“We can confirm no new lenders are currently going through the Bounce Back Loan Scheme approval process.”
I did also ask them the following, for with Rishi extending the Bounce Back Loan scheme once again to the 31st of March 2021, these are questions I know some of you out there will be seeking the answers to:
“Which Bounce Back Loan lenders have confirmed they will be re- opening their new customer bank account application systems before the scheme ends?”
“What steps are the British Business Bank currently putting in place to ensure that anyone who has been unable to apply for a Bounce Back Loan due to the limited number of lenders accepting new customers can do so before the scheme ends.”
It is a decision for each lender to make if they are open for new bank customers, but we can confirm borrowers can only apply for the Bounce Back Top Up Loan from their existing lender.
The BBB administers the scheme as agent for BEIS and it is government which establishes the parameters of the scheme. Government encourages lenders to lend to new customers but ultimately it is a commercial decision for each lender to make if they are open for new bank customers.
Current State of Play
If you are looking for a Bounce Back Loan Lender then take a look at my guide on the current state of play with each lender.