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 Bounce Back Loan Scheme.
For sole traders or small partnerships, who often risk their personal assets when borrowing, the terms of the Bounce Back Loan Scheme means no recovery action can be taken over a principal private residence or a primary personal vehicle.
More BBL Questions Answered
- Can I Apply for BBL for Different Businesses?
- What Can I Use A Bounce Back Loan For?
- What protections do I have?
- Can I apply for a CBILS and a BBL?
- Can I repay a Bounce Back Loan early?
- What BBL Checks will I be subject to?
- What happens if I struggle to repay a BBL?
- Does the BBL Scheme support all businesses?
- How much am I meant to repay with a BBL?
- Can I reapply if I am declined?