The Bounce Back Loan Scheme is launched

The Bounce Back Loan Scheme is launched

May 4 2020

The Bounce Back Loan Scheme (BBLS) has gone live this morning with fast-track funding support for smaller businesses. A number of high street banks are accepting applications directly via their websites, so to help speed things along we’ve provided direct links to these below. 

Key features of BBLS

Who’s eligible

The Scheme is open to most businesses (regardless of turnover) who meet the eligibility criteria and who were established on or before 1 March 2020. A business is required to declare, amongst other things, that:

How to apply

A standard, simple form will be used by all lenders offering loans under the BBLS. The majority of lenders are taking applications directly via their websites – see links below. 

The team at Swoop is currently updating all of the BBLS product pages so that if your bank offers BBLS, you can register with us and link directly to your bank’s application page. 

Next steps

Once you have applied for a BBL via your bank, Swoop can work with you to look at alternative or additional funding solutions, as well as ways of saving costs.

Should your bank not currently offer BBLS, Swoop can help you source funding from other providers and offer alternative solutions. In some instances, you may also be able to switch to a BBLS-accredited bank, and then apply directly for a BBL – Swoop can help with this process.

Here are the links to the Bounce Back Loan Scheme application forms:

If you require more than £50,000 you may wish to consider a CBILS or another solution. Register here for access to a range of funding solutions.

Don’t waste time – there are plenty of funding and saving solutions to help your business grow

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