Frequently Asked Questions

What term can I borrow a BBL over?

Loans under the Bounce Back Loan Scheme are available over a fixed six-year term More Bounce Back Loan Questions and Answers What term can I borrow a BBL over? What BBL fees/interest will I be […]

Frequently Asked Questions

When do I have to start BBL repayments?

The borrower is 100% liable for repaying the loan and any interest. The government will cover interest payable to the lender for the first 12 months. The borrower will then need to make full repayments […]

Frequently Asked Questions

What products are offered on the BBL Scheme?

Accredited lenders are only permitted to provide term loans under the Scheme. The Scheme is targeted at supporting those businesses who need access to finance quickly and, therefore, requires lenders to offer a standard product. […]

Frequently Asked Questions

How long will it take me to get the BBL funds?

The Scheme has been designed to enable businesses to access finance quickly. Businesses are required to complete an online application form, which is expected to be assessed by their lender within a matter of days. […]

Frequently Asked Questions

How much can I apply for with a BBL?

Businesses can apply for between £2,000 up to 25% of their turnover, the turnover being from the calendar year 1st January 2019 to December 31st, 2019. The maximum loan available under the Scheme is £50,000. […]

Frequently Asked Questions

How long is the BBL scheme open?

The Scheme is intended to be a temporary response to the unprecedented challenges to businesses as a result of coronavirus (COVID-19). The Scheme will initially open until 4 November 2020, with the government retaining the […]

Frequently Asked Questions

How do I apply for a Bounce Back Loan?

The Scheme will be available through the British Business Bank’s accredited lenders. Businesses will be required to fill in a short online application form and self-declare that they are eligible for the Scheme. In the […]

Frequently Asked Questions

Am I eligible for a Bounce Back Loan?

The Scheme is open to most businesses, regardless of turnover, who meet the eligibility criteria and who were established on or before 1 March 2020. Borrowers are required to declare, amongst other things, that: The […]

Frequently Asked Questions

What is a Bounce Back Loan?

The Bounce Back Loan Scheme is a new scheme introduced to help smaller businesses impacted by coronavirus (COVID-19). It aims to assist those businesses to borrow between £2,000 up to 25% of a business’ turnover […]