BBL Questions Answered

A business is not able to take out a Bounce Back Loan Scheme facility if they have been approved for a CBILS facility, and vice versa. However, a business that has a CBILS facility can […]

If a business’ application was declined by an accredited lender then the business is able to make a further application under the Scheme to another accredited lender. More BBL Questions Answered Can I Apply for […]

Businesses are entitled to one Bounce Back Loan Scheme facility per separate business unless the business is a group which is a holding company at the top of their structure. More BBL Questions Answered Can […]

The Scheme is open to most UK businesses, regardless of turnover, who self-declare they meet the eligibility criteria. For some businesses, who self-declare as being a “business in difficulty” on 31 December 2019, there may […]

You should talk to the lender if you are experiencing financial difficulties and they will have standard processes in place to support customers in those circumstances. Lenders are not permitted to require personal guarantees for […]

The business must confirm to the lender that the loan will only be used to provide an economic benefit to the business, for example providing working capital, and not for personal purposes. If the business […]

For lending outside the Bounce Back Loan Scheme, the Consumer Credit Act ordinarily requires lenders to provide sole traders, small partnerships and unincorporated associations seeking finance up to £25,000 with information before a loan is […]

Applicants are required to self-declare they meet the eligibility criteria for the Scheme. Applications from eligible borrowers will be subject to customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. More BBL Questions […]

Early repayment is permitted at any stage, without early repayment fees.. More BBL Questions Answered Can I Apply for BBL for Different Businesses? What Can I Use A Bounce Back Loan For? What protections do […]

Businesses are not required to make repayments for the first 12 months but will still have to repay the loan and any interest after 12 months. More BBL Questions Answered Can I Apply for BBL […]