What you might be considering right now is where do you get one of these bounce back loans.
Well if you read this quick post, I’m going to share with you exactly where you get a bounce back loan.
The Bounce Back Loan Scheme (BBLS) enables small businesses and entrepreneurs to access finance more quickly during these trying times. Your loan is backed by the UK Government, and there are no fees or interest for the first 12 months.
The good thing about bounce back loans, is they have no impact on your credit rating, you don’t even need good credit for you to apply. You just need a business that has been trading since March 1, 2020 and has been impacted by the pandemic. (Thats almost everyone right?)
Now, where do you get these bounced back loans?
The first place that you should look at when you’re considering getting a bounce back loan is your current bank. Where do you bank currently? That’s going to be the easiest place for you to get one of these loans because you’ve already got a relationship with them.
Otherwise you can go to the British bank’s website which is a government website. That will give you a list of all the lenders for the bounce back loans, you can find all the lenders and new lenders they are adding new lenders all the time.
At least 28 lenders are participating in the scheme including many of the main retail banks. The first place that you should approach is your current bank and consider approaching others if you are unable to access finance from your current bank. Some banks are good, some are bad. The reason for that is some are fast, and some are slow so its best to apply with as many as possible.
I’d like to highlight banks that are particularly good at the moment:
One of them is Metro bank. Take note that they’re not always taking accepting new accounts so you need to check with your local branch and see if they’ve got availability to book you in for an appointment. It only takes about two weeks to get the account open and get the money into your bank.
Another one is Starling bank, you can get the app on your app store, set your account up using the app, and then apply.
If these banks don’t work, try the British bank’s website that will give you a list of all the current lenders.
My advice is to apply with as many as you can as opening a new current account with any bank is currently taking longer than normal.