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Bounce Back Loan scheme

Supporting UK businesses during coronavirus

See if you’re eligible for a government-guaranteed loan of £2,000 to £50,000 if your business has been affected by coronavirus (COVID-19).

You can apply up to 30 November 2020. As this date could change, you may want to apply as soon as possible.

Full details are available on the government’s website

How much can I borrow?

The Bounce Back Loan scheme lets you apply for between £2,000 and £50,000, subject to the eligibility criteria below.

Six-year loan term

The loan term is six years, but you can pay back the loan sooner with no early repayment charge.

Term extensions to ten years will be available as part of a flexible repayment plan (subject to application) – we’ll update this page when we have more information.

100% government backed1

The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

How can I apply?

The quickest way to apply is in Online Banking and the Barclays app and in most cases the money will arrive in your account within one business day after the loan is approved. Eligibility criteria apply.

Is your business eligible?

You can apply for a loan if your business

  • Is based in the UK
  • Has been negatively affected by the coronavirus situation
  • Was established on or before 1 March 2020
  • Is not in bankruptcy, liquidation or undergoing debt restructuring

Ineligible businesses

The following businesses aren’t eligible to apply

  • Banks, insurers and reinsurers (but not insurance brokers)
  • Public-sector bodies
  • State-funded primary and secondary schools

If you’re not eligible, get in touch with your usual Business Banking contact to talk about borrowing options that could be right for you.

We’re no longer able to offer you a Bounce Back Loan if you’re operating your business through accounts with other banks. To apply for a Bounce Back Loan with us, you’ll need to be a Barclays Business customer, or have a personal current account with us that was opened on or before 1 March 2020. You’ll also need to provide proof that your business was trading through that personal account on or before that date.

If you do run your business through accounts with another bank, please contact them to discuss applying for a Bounce Back Loan.

Further information

You can apply up to 30 November 2020. As this date could change, you may want to apply as soon as possible.

  • Businesses from all sectors can apply for a facility2
  • Interest rate fixed at 2.5%
  • No principal repayments for the first 12 months
  • No set up or application fees
  • No early repayment fees
  • No personal guarantees are allowed, and no recovery action can be taken over a principal private residence or principal private vehicle
  • You’re responsible for repaying 100% of the loan. Where default occurs, we follow our standard commercial recovery procedures (including the realisation of security) before we make a claim against the government's guarantee for any shortfall. Loans are available to most business sectors, but restrictions apply
  • Term extensions to ten years will be available as part of a flexible repayment plan (subject to application) – we’ll update this page when we have more information

You can apply to borrow up to 25% of your turnover in the 2019 calendar year, up to a maximum of £50,000.

If your business was established after 1 January 2019, you should apply the 25% to your estimated annual turnover from the date you started your business.

You may be able to apply to refinance existing Coronavirus Business Interruption Loans, the Coronavirus Large Business Interruption Loans, or Covid Corporate Financing Facility loans into a Bounce Back Loan. Eligibility criteria apply.

We'll soon be contacting customers who could be affected to discuss this option.

Before you apply please read this important information

Guidance for personal customers running a business

Though personal current accounts shouldn’t be used for business purposes, we understand that some small businesses use them for business transactions. You don’t need a Barclays Business current account to be eligible for a Bounce Back Loan, but we’ll need to verify some details about your business before you can apply. If you’ve been using a personal account for trade and think your business qualifies for a Bounce Back Loan, you can call the New Customer Team on 0800 515 4623 to discuss creating a business relationship.

You’ll also need to provide proof that your business was trading through your Barclays personal account on or before 1 March 2020.

We’re receiving a high number of calls right now, so it might take us longer than we’d like to answer your call.

How to apply

While we’ve been able to process the majority of the Bounce Back Loan applications we’ve had from businesses, we’re aware that some have had problems because of missing account or contact information.

Before applying, please check

  • Your account details and contact information are up to date in Online Banking 
  • Your business information is up to date at Companies House. Please refer to this guidance on how to complete a Confirmation Statement (CS01) to update your company information with Companies House 
  • That we have the correct company entity type for your business (for example, make sure you've told us if you've changed from sole trader to partnership)

We’re no longer able to offer you a Bounce Back Loan if you’re operating your business through accounts with other banks. To apply for a Bounce Back Loan with us, you’ll need to be a Barclays Business customer, or have a personal current account with us that was opened on or before 1 March 2020. You’ll also need to provide proof that your business was trading through that personal account on or before that date.

If you do run your business through accounts with another bank, please contact them to discuss applying for a Bounce Back Loan.

And remember that in order to apply for a Bounce Back Loan, your business needs to have generated over £8,000 of turnover in 2019 and for more than 50% of your 2019 turnover to have come from business trading. 

You can apply up to 30 November 2020. As this date could change, you may want to apply as soon as possible.

Registered for Online Banking?

The quickest way to apply is in Online Banking. Once logged in, go to ‘Product and services’ and select ‘Business loans’.

Applying in the Barclays app

You can apply for a Bounce Back Loan of between £2k and £50k in the Barclays app. It’s quick to register, so download the app now if you haven’t already. If you already have the app, make sure you’ve downloaded the latest version.

FAQs about the Bounce Back Loan scheme

Important information about your Bounce Back Loan

The provision of the BBLS Guarantee to Barclays does not imply any endorsement or warranty of Barclays by the Secretary of State for Business Energy and Industrial Strategy or the Government of the United Kingdom.

BBLS is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk

 

If you take out a Bounce Bank Loan with us, we will pay due regard to your information needs and we will provide information to you in a way which is clear, fair and not misleading.

We will provide you with the following information in relation to your Bounce Bank Loan

  • Timely, clear and adequate information that will help you to understand, if you fail to make a payment under your Bounce Bank Loan, the amount you have missed, what can be done to remedy it, the time scales that you need to remedy any missed payment and the impact (if any) on your future repayments
  • If you default on your Bounce Bank Loan, we will provide you with information about any proposed action we might take in relation to your Bounce Bank Loan, before we take any such action
  • Regular information about the Bounce Bank Loan Scheme (on at least an annual basis), by way of a statement setting out details of payment transactions on your Bounce Bank Loan during the time since such information was provided (or the date that you received funds under the loan, if no information has been provided previously) and amounts outstanding under the Bounce Bank Loan and
  • Information on options available to you for help and assistance, including sources of free independent advice

We will also

  • Monitor repayments that you make during the life of your Bounce Bank Loan and take action to help you where there are signs of actual or possible repayment difficulties
  • If we identify or believe that you might be vulnerable, we will make adjustments to ensure that your circumstances are accommodated throughout the duration of your Bounce Back Loan
  • If you default under your Bounce Back Loan, we will give you a reasonable period of time to remedy any breach and we will not treat the default as an event of default if you remedy the default within the period of time we give you
  • Not charge you any fees in relation to your Bounce Back Loan (including on default) or any default interest (except that we may continue to charge interest at the rate of 2.5% per annum if your Bounce Back Loan is not repaid when due until such time as it is repaid)
  • Allow you to repay all, or part of the Bounce Back Loan, early at any time. We will not charge you any fees for making an early repayment

If you fail to make your repayments under the Bounce Back Loan, we may

  • Charge interest on the outstanding amount, which will increase the amount you owe us
  • Require you to repay the loan (together with any interest you owe) immediately
  • Report you to credit reference agencies, which may negatively impact your credit score and make it harder to get credit in the future
  • Bring legal action to recover the loan and
  • Require you to pay any costs and expenses we in incur in recovering the loan

Loans made under the Bounce Back Loan Scheme are not subject to the usual consumer protections that may apply to other forms of business lending. As such, borrowers of Bounce Back Loans should be aware that they will not have the benefit of the protection and remedies that would otherwise be available to them under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.

Complaints about our service

We want to hear from you if you feel unhappy about the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve service to all our customers. If you have reason to complain you may do so in person, in writing by post or email or by telephone. Details of our complaints handling procedures are available on request from any branch, your relationship team or servicing team, the Barclays Information Line on 0800 400 100* or www.barclays.co.uk

Complaints – Financial Ombudsman Service

If we are unable to resolve your complaint internally to your satisfaction, or if we have not resolved your complaint within 8 weeks from when you first let us know about your concerns and if you are an eligible complainant, you may be able to refer your complaint to The Financial Ombudsman Service, Exchange Tower, London E14 9SR (www.financial-ombudsman.org.uk). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.