Bounce Back Loan Scheme

(asked on 16th November 2020) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions his Department has had with Bounce Back Loan Scheme lenders on access to credit for businesses that have business accounts with other lenders.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 19th November 2020

The Bounce Back Loan Scheme, launched in May 2020, has been introduced to help smaller businesses impacted by coronavirus (COVID-19). It is available through a range of British Business Bank accredited lenders and partners listed on the British Business Bank website: www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/current-accredited-lenders-and-partners/

In the first instance and where possible, businesses should approach a Bounce Back Loan Scheme accredited provider with whom they have an existing relationship. They may also consider approaching other Scheme accredited providers if they are unable to access the finance they need or if their existing provider is not accredited to provide loans under the Scheme.

The Bounce Back Loan Scheme does not mandate that the applicant must have a business relationship with the lender in order to receive a loan. However, certain lenders may require that you enter into a business relationship with them before you can apply and, within their standard policies and terms and conditions of business, some lenders may not permit an existing customer to operate their business via a personal account.

All lending decisions remain solely at the discretion of the lender.

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