The Bounce Back Loan Scheme enables businesses to obtain a six-year term loan at a government set interest rate of 2.5% a year. The government will cover interest payable in the first year.
The SME FAQs page on the BBB website, outlines the differences between this new scheme and the CBILS initiative alongside further information about eligibility and how to apply.
Applications for BBLS should directly go through the major high street banks.
Also added to the list are other lenders such as Tide, Coutts & Metro Bank.
If you don’t bank with one of the main banks any of the banks above should consider your application. (*These lenders are regional not nationwide)
Update – Having worked through each provider most of them expect you to have or apply for a current account with them.
If you have a personal account with one of the banks listed it could be worth using that bank to apply – Althought the forms ask for your business bank details with that bank, they might accept personal bank details.
HSBC will open a feeder account for the loan, this can take up to 5 days, further updates on this to follow.
An HSBC customer I know of is now 8 days into the wait time for the loan and has heard nothing from them. NatWest seem able to turn things around much faster.
We call it F.U.N.D.E.D. It’s a 6 step process, which is unique to Acorn.finance.
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