Bounce Back Loan Scheme

(asked on 8th July 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 the average time is between application and payment of Bounce Back Loans by banks to customers who (a) have an existing business bank account and (b) are new customers.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 17th July 2020

The processing of applications under the Bounce Back Loan Scheme is fully delegated to the 26 accredited lenders. The length of time from application to payment will vary across each of these lenders. A number of factors, including whether or not a customer has an existing relationship with the lender, will have an impact on how long the application process will take.

In order to apply for the scheme, businesses complete a short, simple, online application form, meaning that applications can be submitted and processed rapidly, and loans can be accessed within a matter of days. The Government is providing lenders with a 100% guarantee on each loan to give them the confidence they need to support the smallest businesses in the country.

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