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Bounce Back Loans Providers

In order to help self-employed and small businesses, the Chancellor Rishi Sunak has announced the Bounce Back Loan scheme in conjuction with major high street lenders. The scheme is pretty straightforward and is a great deal for people who need a loan in these difficult times. However it is important to remember that, although the rates of interest are very low, this is not a grant! You will need to pay back the full amount.

 

 

 

As with any loan we recommend that you do not take out a bounce back loan unless you are sure that you will be able to afford to pay it back. You need to consider this as an essential loan to keep your business going (as well as paying your income).

Beware the temptation to use the bounce back loan money for non-essentials. For most people this is very unwise.

 

Bank

 CAN EXISTING PERSONAL CUSTOMERS APPLY? CAN NEW BUSINESS CUSTOMERS APPLY?
Bank of Scotland Yes - open a business account No
Barclays Yes - open a business account Yes
Clydesdale Bank Yes - open a business account No
Co-op Bank Yes - open a business account No
Danske Bank Yes - open a business account No
HSBC Yes - no business account needed Yes
Lloyds Bank Yes - open a business account No
NatWest Yes - open a business account No
RBS Yes - open a business account No
Santander Yes -no business account needed but you must use your Santander personal account for business No
Starling Yes - open a business account Yes (but expect delays)
TSB Yes - open a business account No
Ulster Bank Yes - open a business account No
Yorkshire Bank Yes No

Individual applicants have found that some banks have been very quick at processing bounce back loans while others have been very slow. This may depend on personal circumstances. Where a bank has a customer with an existing business account through which their cash flows, this is obviously easy to process compared to a new customer applying for a bounce back loan who has no history with the bank.

Note that many people with a personal account with Santander have applied for a Santander Bounce Back Loan but were refused as they do not use the account for business. This is something of an anomaly as many banks will close your account for using a personal account for your business! More about bounce back loans.