The loan applications for the Bounce Back Loan went live yesterday 4th May. Here is what we know:
Applications are via your online banking, we cannot apply for you, but we are here to answer any questions you have.
The accredited banks at this stage are:
- Clydesdale Bank
- Danske Bank
- Ulster Bank
You MUST apply through your main business bank for this loan – however I have been infromed that HSBC are taking applications from non clients if they open a business bank account before applying.
Other banks are applying for accreditation – I spoke to Metro Bank yesterday and they have applied to offer these loans.
Here is how to apply:
Go to your usual online banking login.
- You should see a notice about the new Bounce Back loans, or about COVID19 support
- You will need:
- Your bank account number and sort code
- Your business post code
- Annual turnover
- How much you want to borrow
- Be prepared to answer yes/no to questions about your situation and your understanding of the Bounce Back loan
- You will then receive an acknowledgement by email
- This will be followed up by confirmation and funds
- You DO NOT need to supply financial reports or data
Here’s what we know about the Bounce Back Loans so far:
- You can apply from Monday 4 May 2020
- Loans are 100% guaranteed by Government
- Businesses can borrow between £2,000 and £50,000 (up to 25% of your turnover)
- No repayments or interest in the first 12 months
- Interest capped at 2.5% after that
- Loan term can be up to 6 years
- 2 page self-certification form to apply
Please let us know if you apply and are successful so we can watch out for the deposit of funds. We will set up a new COA liability account for these loans so they are easily trackable in Xero.