If you’re reading this article the chances are you’ve tried to get a bounce back loan and have been declined, or maybe you haven’t quite got one yet?
Bounce back loans are something that the UK Government introduced to support small business owners to get through this current pandemic.
They’re really, really incredible. But some people don’t find it easy to get one of these loans.
I’m going to share with you a few things that you can do if you have been declined for a bounce back loan.
(Click play above to find out everything you need to know if you have been rejected for a bounce back loan)
Bounce back loans are a controversial topic, lots of people got them really easy, maybe they bank with one of the big five banks, and they’ve gone into their online banking, and have achieved that bounce that loan in a few hours.
Not everyone has that luck some of you may have been declined for a bounce back loan, or maybe the bank that you use, does not offer them.
Bounce Back Loan Rejected here’s a few ways that you can fix that.
Firstly, there are a few companies that you can get a bounce back loan with even if you don’t bank with them.. If you don’t already have an account with them, you can set an account up now.
Starling bank is very easy to set up an account, the problem is they ran out of cash, so they don’t have the cash to lend on at the moment. (They are now lending again from November 2020)
You can get an account set up with Starling Bank in under 24 hours and apply for your loan then.
Barclays Bank. Barclays Bank is opening new accounts to business owners. The problem is the waiting list to get an appointment is really long. I’ve heard of people that I am mentoring that have got appointments that are two months away. The bounce back scheme at the moment ends in March 2021 so you need to be quick.
HSBC are also opening accounts for new customers. But they’re having difficulty with the volume of applications.
My favourite option
One bank doing really well is Metro bank. Metro bank will let new customers open an account with them. And I’ve had clients that have used Metro bank and found that very, very straightforward.
So Metro bank, I would say is your first choice, and then look at HSBC, and Barclays.
But you may as well get an account with all of them, right? Time is of the essence here.
With a bounce back loan, you need to be doing everything you can to get an account because everybody is slower at the moment.
So first choice would be Metro bank, then look at the others, HSBC, Barclays and Starling to open an account.
Even if you might not need a new bank account, you can just shut it down if you don’t need it in the future.
Another thing that you can do
Complain to their MP (Member of Parliament).
You can google who is my local MP, you’ll be able to find who your local MP is.
You need to make a complaint with the lender that rejected your bounce back loan first. Maybe you’ve tried one of the big five banks, you’ve been rejected. So what you first need to do is to create a complaint with that bank.
If you call your bank, they’ll tell you the process to make a complaint. Then when you’ve got that complaint, ask if there’s a reference number. Then you want to contact your local MP with the complaint number you got from the bank.
Lots of people have achieved success contacting their local MP because this is a government backed scheme. Your MP is there to help business owners like you to get support to get money they need. Businesses are struggling at the moment, unnecessarily just because they’re not able to get this funding which they’re entitled to.
Follow up a couple of times with your MP if you don’t hear back. Obviously they’re busy as well, but do follow up and use your MP because this is a government government backed scheme. A lot of people that have had problems their MPs have jumped on on their behalf.
Try Natwest Bank
NatWest will help existing customers, even if you don’t have a business account. So maybe you’ve got some sort of other account, thats not a business account, this can be a mortgage for example.
It could be that you’ve got a mortgage with NatWest could be that you’ve got an ISA or stocks and shares ISA. Any type of account that you’ve got with NatWest means you’re an existing customer, and you can go to them and you can apply for the bounce back loan on their website using your mortgage account number.
If you don’t know the sort code and account number, just call up NatWest mortgages, and be able to find that out.
Or if you’re using an ISA use your account number and sort code for that, you can use those details, input those into the bounce back loan application. They’ll create something called a feeder account for you to deposit the funds.
My preference would be to use Metro bank. But I would also apply with HSBC, Barclays and Starling.
If your bank rejected you, then complain. Get a complaint number, then go to your local MP, ask them to help they are there to help.
Banks need to be seen to support small businesses remember, this money is 100% guaranteed by the government. So banks have procedures, they can be fussy, you can get things overturned, don’t just give up.
The last one if you have any sort of account with NatWest, then apply for a bounce back loan online. Use your account number and sort code for your mortgage or your ISA, apply using that online. I’d love to hear your experience.
NEVER GIVE UP
I’ve worked with more than 100 people to get bounce back loans into their businesses.
And I’d say 20% of them didn’t get the loan straightaway. But they persisted. And eventually they did get it. Some people gave up and got nothing. Don’t be that person, get the bounce back loan, and support your business during these difficult times.
Go get your loan make sure you dont get another Bounce Back Loan Rejected.