They do say “all good things must come to an end”, and I will leave it up to you to decide if the Bounce Back Loan scheme could ever be called “good”, however that scheme is due to come to an end tomorrow and as such if you have not yet applied for a BBL yet or a top up you need to do so asap.
As for how you can go about doing so if you have left it to the last minute, well the only lenders that are currently still accept new customers are Starling Bank, Metro Bank (Sole Director Ltd’s) you will need to open a Metro Bank Account online then if approved apply for a BBL online too, and Skipton who may offer a BBL alongside one of their Invoice Finance facilities.
I am led to believe that GC Business Finance are still accepting applications for BBL’s from Manchester based businesses only, however you will need to double check that as things can change very quickly on Planet Bounce Back Loan.
If you are lucky enough to have an account with any of the remaining lenders, bar the likes of Tide you can still apply, but none of them are letting new customers open a new account and then go on to apply for a BBL.
Some will let you open an account but will not let you apply for a BBL if they give you a new account. Do however double check with your own bank, as some such as Halifax for example will let you apply by onboarding with Lloyds.
Once that scheme ends, there will be a few days delay until the Recovery Loan Scheme fires up and becomes available, some worries still surround businesses operating in Northern Ireland as to whether they will be permitted to apply for one of those loans due to the convoluted Northern Ireland protocol and the resulting EU state aid rules those businesses are still associated with.
I will of course keep you updated on that new scheme once details filter in about it, however whilst I know many if you will be eager to try and get one of those 80% Government Guaranteed loans do not immediately rush into applying, as the interest rate may vary between lenders, and you will of course want to pick one offering the lowest interest rate. and that is where shopping around will come into its own.
Moving forward, Bounce Back Loan Pay As You Grow options will become available and repayments are going to be due in the next couple/few months, and I will of course be monitoring that aspect of the BBL scheme as we approach that next phase of the scheme, and letting you know how others are experiencing that aspect of the scheme.
I will of course still be here working away in the background, doing what I do, I will be updating the new section of this website hopefully daily as always with more information during the weeks and months ahead via my new Premium Content section of the site. It will cost you a few quid to sign up to access that content but it keeps me in shoes, puts food in my belly and petrol in the Ferrari.
Good Luck if you do put in a last minute BBL application, just so you know, a few of my followers on Twitter have managed to get one in the last few days, so there is still some hope.
