As nothing much happens on a Sunday in Bounce Back Loan land, except people stressing and worrying obviously, here is a quick state of play overview from the leading banks, based on recent tweets and DM’s I have received.
HSBC Bank Bounce Back Loans – Don’t pin your hopes on getting a feeder account set up quickly, it takes time and lots of time for them to do so, and you run the risk of getting declined for such an account. But they do pay usually within 2 business days, if you do get either a feeder account or open a business account set up and then apply for a BBL, with the latter being your best option.
Barclays Bank Bounce Back Loans – I am aware of some people still waiting for call backs after many weeks, if you want some good news they have been making such calls the past week or so, so never give up hope.
Lloyds Bank Bounce Back Loans – Still up there with the best of them, and be aware that if you have a Halifax or Lloyds current account you can onboard with them via the link below, (scroll down for it) and they will set you up a business account, often rather quickly. They will decline such an account if you did not have a current account with either bank before the 2nd of March this year.
NatWest Bank Bounce Back Loans – Hit and miss for some people, if you have applied and are waiting, look out for a new account appearing in your online banking or the banking app from them, as when that account appears it will then fill up with cash at random.
Bank of Scotland Bounce Back Loans – You can onboard with Lloyds if you have a B o S current account, see Lloyds up above for details.
Clydesdale Bank Bounce Back Loans – Plenty of good feedback from people who have recently opened a business account with Clydesdale and have then managed to go on and apply and get paid a BBL quickly.
Yorkshire Bank Bounce Back Loans – Being part of the same group as Clydesdale, see above for details, just be aware that the rules for opening a business bank account with this bank may be different, I.E they can and have suspended opening new accounts.
Metro Bank Bounce Back Loans – A good option for many, be aware that to open a new business account with them you have to arrange an appointment in one of their branches or stores as they call them, once you have attended such an appointment and an account is set up you can then go on to apply for a BBL via their quite robust and very fast application system. They have sadly been declining some people such an account though.
Santander Bank Bounce Back Loans – You can apply for a business account with Santander online, and obviously if you have an account with them already you can apply for a BBL at any time.
Starling Bank Bounce Back Loans – Operating a waiting list for current customers to apply for a BBL, if you are on that list its just a waiting game until your name is called.
Co-Op Bank Bounce Back Loans – Just doing their own thing, you will find it hard to open a new business account with them quickly though.
RBS Bounce Back Loans – Much like Co-Op above, doubt you will be able to open a new business account any time soon with RBS though.
Tide Bounce Back Loans – Have no money to lend out, I would forget waiting any longer for Tide to find a magic money tree and apply elsewhere if you can.
TSB Bounce Back Loans – TSB have stepped in and have paid out BBL’s to many people that have been declined elsewhere, so do consider giving them a try if you can. They are sending out emails though telling new account applicants they can have an account but cannot 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 application.
SIC Code – considered a reputational risk – you would be surprised how many business types fall into this category.
Directors/owners name not matching companies house and/or
Voters roll e.g. Chris vs Christopher, is middle name included etc
Business address not matching, has accountant used their address for registered? 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
Compensation
Many Bounce Back Loan applicants that have been through hell and still are experiencing problems have been offered compensation, ranging from £50 up to £2500 for the more complicated problems.
It is your choice as to whether you a 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.
HSBC
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.
HSBC Feeder Account Portal Link
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.
Link to the HSBC BBL section of their Website
Useful Email Addresses for Contacting HSBC:
Ian.Stuart@hsbc.com
Sally.A.Williams@hsbc.com
commercial.executive.complaints@hsbc.co.uk
amandamurphy@hsbc.com
marissa.k.adams@hsbc.com
julienapier@hsbc.com
feeder.account.team@hsbc.com
oliver.james.exley@hsbc.com
Lloyds
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.
Halifax, Bank of Scotland and Lloyds Onboarding Link
Lloyds CEO Email Address
vim.maru@lloydsbanking.com
Metro Bank
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. Click Here to register for a Metro Bank account.
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.
Visit the Metro Bank BBL Section of their Website
Email the CEO of Metro Bank Dan.frumkin@metrobank.plc.uk
Tide
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.
Visit the Tide BBL Section of their Website
Co-Op Bank
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
chris.davis@co-operativebank.co.uk
Visit the Co-Op Bank BBL section of their Website
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.
Visit the Yorkshire Bank BBL section of their Website
Visit the Clydesdale Bank BBL section of their Website
Yorkshire Bank CEO Email Address
david.duffy@cybg.com
Clydesdale Bank CEO Email Address
david.duffy@cybg.com
Barclays
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.
Visit the Barclays Bank BBL section of their Website
Barclays CEO Email Address
Jes.staley@barclays.com
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.
Visit the NatWest BBL section of their Website
Visit the RBS BBL section of their Website
NatWest / RBS CEO Email Address
Simon.Separghan@rbs.co.uk
Santander
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.
Visit the Santander BBL section of their Website
Santander CEO Email Address
nathan.bostock@santander.co.uk
Starling Bank
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.
Visit the Starling Bank BBL section of their Website
Skipton Building Society and JCB Finance
Both Skipton Building Society and JCB Finance (who have just been accredited) operate a different business model than most mainstream lenders so you will need to check their respective websites to find out more about what they have on offer to applicants.
Visit the Skipton Building Society BBL section of their Website
Visit the JCB Finance BBL section of their Website
TSB
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.
Visit the TSB BBL section of their Website
TSB CEO Email Address
debbie.crosbie@tsb.co.uk
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.
Visit the AIB BBL section of their Website
Visit the Bank of Ireland BBL section of their Website