Which banks offer Bounce Back Loans? – how to find a BBL lender

Do you need to already be an existing bank customer to get a Bounce Back Loan? Which banks offer Bounce Back Loans to new customers?

Which banks offer Bounce Back Loans?

Twenty-nine lenders including all the high-street banks offer Bounce Back Loans.

Adams & Company Bounce Back Loan

AIB Bounce Back Loan

Arbuthnot Latham Bounce Back Loan

Bank of Ireland UK Bounce Back Loan

Bank of Scotland Bounce Back Loan

Barclays Bounce Back Loan

Capitalontap Bounce Back Loan

Close Brothers Bounce Back Loan

Clydesdale Bank Bounce Back Loan

Conister Bounce Back Loan

Coutts Bounce Back Loan

Danske Bank Bounce Back Loan

Funding Circle Bounce Back Loan

GCBF Bounce Back Loan

HSBC UK Bounce Back Loan

Investec Bounce Back Loan

Lloyds Bank Bounce Back Loan

Metro Bank Bounce Back Loan

NatWest Bounce Back Loan

Paragon Bounce Back Loan

Santander Bounce Back Loan

Skipton Business Finance

Starling Bank Bounce Back Loan

The Co-operative Bank Bounce Back Loan

RBS Bounce Back Loan

Tide Bounce Back Loan

TSB Bounce Back Loan

Ulster Bank Bounce Back Loan

Yorkshire Bank Bounce Back Loan

Can I open a Bounce Back Loan without a business account?

Most banks say that existing personal customers will need to a separate business account to service their Bounce Back Loan.

Danske Bank, RBS/NatWest, Starling, TSB, Ulster Bank state you must open a business account, even if you’re an existing customer.

And Bank of Scotland, Clydesdale and Yorkshire Bank say you “may” need to open what they term a “feeder” account for your Bounce Back Loan.

Which Bounce Back Loan lenders are open to new customers?

Which banks accept new customers for Bounce Back Loans?
BankDo existing customers need to open a business account to apply?Is bank accepting new BBL customers?
Bank of ScotlandNo but need to open fee-free 'loan servicing account'No
Clydesdale BankYou 'may' need toNo
Co-op BankYesNo
Danske BankYesNo
Lloyds BankNo but need to open fee-free 'loan servicing account'No
NatWestYes, open a feeder/business accountNo
RBSYes, open a feeder/business accountNo
Ulster BankYes, open a feeder/business accountNo
Yorkshire BankYou 'may' need toNo
Source: Moneysavingeexpert.com
*HSBC customers needed to have had a feeder account approved by Sep 30 2020
Source: Moneysavingexpert.com

>See also: Lloyds rapped for forcing Bounce Back Loans borrowers to open accounts

Can I have a Bounce Back Loan if I am a new customer?

Currently only Starling Bank is accepting new bank customers for Bounce Back Loans

How do I apply for a Bounce Back Loan?

Once you have decided on a lender – which apart from Starling Bank now must be your own personal account provider – you will need to fill in a short application form online, which certifies that your business is eligible for a Bounce Back Loan.

How do I know if I’m eligible?

Your business must be able to selfdeclare to the lender that it:

  • has been impacted by the coronavirus (Covid-19) pandemic
  • was not a “business in difficulty” as of December 31 2019
  • is engaged in trading or commercial activity in the UK and was established by March 1 2020
  • is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility
  • is not in bankruptcy or liquidation at the time it submits its application for finance
  • derives more than 50 per cent of its income from its trading activity

Are any businesses ineligible for Bounce Back Loans?

Bounce Back Loans are available to businesses in all sectors, apart from:

  • credit institutions
  • insurance companies
  • public sector organisations
  • state-funded primary and secondary schools

What happens if I do qualify for a Bounce Back Loan?

If your business is eligible, you will be subject to appropriate customer fraud, Anti Money Laundering (AML) and Know Your Customer (KYM) checks.

Do I have to put up a personal guarantee?

Under the Bounce Back Loan Scheme (BBLS), lenders are not allowed to:

  • take any form of personal guarantee
  • take recovery action over the borrower’s personal assets (such as your main home or personal vehicle)

How long must I wait for a decision?

Lenders are supposed to put the money into your business account within a few days. However, anecdotally successful applicants have had to wait for weeks to have their applications processed.

Further reading on Bounce Back Loans

Government Bounce Back Loan for your small business

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Tim Adler

Tim Adler is group editor of Small Business, Growth Business and Information Age. He is a former commissioning editor at the Daily Telegraph, who has written for the Financial Times, The Times and the...

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Bounce Back Loans