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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).

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.

100% government backed

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.

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.

Further information

  • Businesses from all sectors can apply for a facility1
  • Interest rate fixed at 2.5%
  • 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

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.

Details on how this can be done will become available shortly via this page.

Before you apply please read this important information

Guidance for personal customers running a business

Whilst personal current accounts should not be used for business purposes, we understand that a number of smaller businesses may have been using their personal accounts for business trade. If your business qualifies for a Bounce Back Loan and you’ve been using a personal account until now, you can find out more about our Barclays Business current accounts here or alternatively, you can call the New Customer Team on 0800 515 46232 to discuss creating a business relationship.

There are a range of other high street banks who are also offering the BBLS to business customers.

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)

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. 

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

  • It lets UK businesses that have been affected by the coronavirus situation apply to borrow between £2,000 and £50,000. The scheme launched on 4 May 2020 and the government guarantees 100% of the loan. You won’t have to pay any fees or interest for the first 12 months. The government provides more information on its website.

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

     

    If you haven’t registered for Online Business Banking, you can register here.

     

    If you’ve already registered but don’t know your log-in details, you can reset them here.

     

    If you can’t access Online Banking for any other reason, please contact us as you normally would to apply.

     

    The Bounce Back Loan application process is available in the latest version of the app, so you might have to update yours to be able to see it.

    Once you’ve done that, just go to the 'Business' tab in your app to get started.

  • There are two possible reasons.

     

    • Your business has more than one signatory on its account. You should be able to apply online soon. We’re sorry for the delay, and please check this page regularly for updates.
    • Your business information is not up to date – find out how to update these details.
  • For the first year the government will pay the interest on your behalf, and we won’t ask you for any repayments. After year one, we’ll charge a fixed interest rate of 2.5%, which has been set by the government, and a monthly repayment charge that will be shown in the loan agreement we’ll send you.

  • No. Your payment will include a capital amount and an interest charge. The capital repayment amount will be the same each month, but the interest amount will reduce as your outstanding balance decreases.

     

    The eligibility criteria are set by the government. If you’d like to discuss other borrowing with us, such as a Barclayloan or overdraft, please get in touch.

  • You can pay back the loan at any time, with no early repayment fees.

  • In most cases, the money will be in your account one business day after we approve your loan.

     

    It’s unlikely, but in some cases, we might need to contact you before we can pay the money into your account. If that’s the case, we’ll get in touch with you as soon as possible. 

  • The rules of the scheme mean that you can only apply for a Bounce Back Loan once per business or group of businesses – and a group can’t have both a Bounce Back Loan and a Coronavirus Business Interruption Loan (CBIL) at the same time.

     

    However, you might be able to refinance your Bounce Back Loan into a CBIL – please call your usual Barclays Business contact and we’ll see if you’re eligible, or look at other ways we can help.

  • As we’re seeing very high demand for the Bounce Back Loan scheme, we’re prioritising customers who need urgent access to borrowing to keep their business going. If you want to refinance existing lending, a CBIL, a Coronavirus Large Business Interruption Loan, or a Covid Corp Financing Facility Loan to benefit from lower borrowing costs, please check back on this page regularly for updates before contacting us. This will allow us to support customers who need additional lending to help their businesses survive. Once we've dealt with the urgent cases, we'll contact all business customers who we think could reduce the cost of their current borrowing using the Bounce Back Loan scheme.

  • It depends on how much your business needs. Bounce Back Loans let you borrow between £2,000 to £50,000, while CBIL offers borrowing between £50,001 and £5m.

  • Bounce Back Loans are intended for businesses with simpler borrowing needs. They’re designed to help businesses access money faster, providing they meet the eligibility criteria.

  • Alternatively, there are other government support measures for businesses, such as grants, that you could be eligible for. Find out more about the government’s financial support for businesses during coronavirus.

     

    You can read more about the government’s finance options, and see if there’s a provider who could offer the finance you need.

     

    You can also appeal against our lending decision.

  • Whilst personal current accounts should not be used for business purposes, we understand that a number of smaller businesses may have been using their personal accounts for business trade. If your business qualifies for a Bounce Back Loan and you’ve been using a personal account until now, you can find out more about our Barclays Business current accounts by visiting our Business Banking website, or alternatively, you can call the New Customer Team to discuss creating a business relationship.

  • Whilst personal current accounts should not be used for business purposes, we understand that a number of smaller businesses may have been using their personal accounts for business trade. If your business qualifies for a Bounce Back Loan and you’ve been using a personal account until now, you can find out more about our Barclays Business current accounts here or alternatively, you can call the New Customer Team on 0800 515 46232 to discuss creating a business relationship. There are a range of other high street banks who are also offering the BBLS to business customers.

  • The Bounce Back Loan application process is available in the latest version of the app, so you might have to update yours to be able to see it.

    Once you’ve done that, just go to the 'Business' tab in your app to get started.

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 and Industrial Strategy. British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website

 

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.