If you’re reading this blog, then you’re probably a business owner or entrepreneur who is looking to apply for a business bounce back loan well you are in the right place so keep reading.
The Bounce Back Loan Scheme (BBLS) is designed to support small and medium-sized businesses, which have been impacted by the pandemic, who are looking to borrow between £2,000 and £50,000. The UK Government provides accredited lenders with a 100% guarantee.
Watch this quick video for tips on applying for a bounce back loan.
These loans are very simple to get but some people have a little difficulty. Here are some tips I’ll share to successfully get a bounce back loan:
The first tip that I would say is to go to your existing bank. You’ve already got a relationship with them, they’ve got data on you, maybe you’ve got accounts with them already. So going to your existing bank is going to save a lot of time, because there’s not much time left with these bounce back loans.
Secondly, if that doesn’t work, then the best lender that I found is Metro bank. They are letting people open accounts intermittently. Sometimes you can get an account, sometimes you can’t. Just keep checking back on a regular basis. DONT GIVE UP.
Starling bank is really good as well, I’ve got one recent student, that just got an account with Starling bank and got a bounce back loan in seven days. (Previously when the scheme launched they were not great but since they have drastically improved)
Lastly, make sure that you’ve got your current account set up before you apply for the bounce back loan. The bank needs somewhere to pay you the loan, this account needs to be with the lender you wish to borrow from.
As of 18 October 2020, there have been 1,660,845 applications for BBLs, of which 1,336,320 lending facilities have been approved worth a total value of £40.2bn. In effect, this means that roughly 82% of applications are being approved.
Get yours now and follow my tips for a successful application, if you have applied for a bounce back loan and been refused dont worry I have a post to help you out.