Bounce Back Loan Scheme
(asked on 13th May 2020) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask Her Majesty's Government what assessment they have made of the difficulties faced by businesses that apply and receive the Bounce Back Loan Scheme if those businesses do not stay with their existing lenders.
Answered by
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Bounce Back Loan Scheme (BBLS) has been introduced to help small and medium-sized businesses to borrow between £2,000 and £50,000. Businesses are not required to bank with a lender in order to apply for a Bounce Back Loan with them.
There are now 18 accredited lenders of the scheme and the British Business Bank is working at pace to accredit more lenders to further extend the Scheme’s reach and provide more choice for businesses. A full list of accredited lenders can be found on the British Business Bank website.