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Bounce Back Loan Scheme (BBLS)

Funding to support small and medium sized businesses

The Bounce Back Loan Scheme (BBLS) is now closed to new applications, including applications for Top-Ups.

BBLS applications received by 23.59 on 31 March 2021 can be processed through to 31 May 2021.

We are working our way through applications and we will be in touch in due course. It’s important that you continue to provide supporting information as requested so that we can progress to a formal offer as quickly as possible.

If you have a query about BBLS, or wish to discuss an outstanding application, please contact us on 0800 756 0800.

Recovery Loan Scheme

A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility size starting at £25,001 for Term Loans.

Further information can be found on the British Business Bank website.

What is the Bounce Back Loan Scheme?

The Bounce Back Loan Scheme has been designed to help small and medium-sized businesses impacted by coronavirus access funding quickly.

  • Businesses can borrow up to 25% of 2019 turnover on a term loan, from a minimum of £2,000, up to a maximum of £50,000
  • Loans are available for a term of 6 years - with no charge for full or partial early repayment
  • You will not be asked to provide a personal guarantee
  • You will not be asked to make any capital repayments for 12 months
  • We will not charge you any interest payments for the first 12 months - the Government will reimburse us
  • The loan value is guaranteed by the Department for Business, Energy and Industrial Strategy. The guarantee is provided to the Bank and the borrower remains responsible for repaying 100% of the loan.

Who is the Bounce Back Loan Scheme for?

  • UK businesses established before 1 March 2020 that have been impacted by coronavirus
  • UK businesses who are not bankrupt, are not in debt restructuring proceedings, are not in liquidation or administration, and who have not taken any step to commence dissolution.
  • Sole traders, partnerships, limited companies, LLPs and charities
  • Banks, building societies, insurers, reinsurers, state funded primary and secondary schools and public sector organisations are not eligible for this scheme.*

*Ring fenced banks, like Clydesdale Bank PLC (which also trades as Virgin Money and Clydesdale Bank), are prohibited from entering into certain types of transactions with financial institutions. Broadly speaking, the term “financial institution” includes investment firms, alternative investment fund managers, structured finance vehicles, credit institutions, certain types of insurance companies, UCITS funds and financial holding companies.

Who can apply for a Clydesdale Bank Bounce Back Loan?

  • Existing Clydesdale Bank Business Current Account customers can apply online
  • Existing Clydesdale Bank or Virgin Money Personal Current Account customers can apply online if their business was established before 5th April 2019 – but must provide a copy of their 2018/19 self-assessment tax return
  • If you manage your business through an existing Clydesdale Bank or Virgin Money Personal Current Account, and your business was established between 6th April 2019 and 1st March 2020, you will need to open either a fee-free loan servicing account or choose a Business Current Account before applying for a Bounce Back Loan.
  • Businesses can only have one Bounce Back Loan. If your business is part of a group, that group can only have one Bounce Back Loan. For the purposes of eligibility under the Scheme, a group is defined by having a holding company at the top of their structure.
  • Customers who already have a Clydesdale Bank Bounce Back Loan may be able to increase this by applying for a Bounce Back Loan Top Up.
  • Businesses with an in-progress application for CBILS can choose to apply for BBLS instead
  • Businesses that have received a loan through CBILS can apply for a BBLS loan if it is used to refinance the whole of the CBILS facility

Repaying your Bounce Back Loan

Interest will be applied after the 12 months interest free period at a fixed rate of 2.5% and will apply for the remaining period of the loan

  • Monthly repayments will begin in the 13th month after the loan has been drawn down. You will make 59 equal capital instalment payments to us and one final payment at the end.
  • Your total monthly repayments to us will be made up of both the capital instalment and the interest. You will see two payments leave your account each month.
  • Interest will be paid on the first business day of the month regardless of when the capital instalments are paid.
  • Your last capital instalment will be made 72 months after drawdown unless you decide to repay your loan earlier or through use of the ‘Pay As You Grow’ options outlined within 'Repayment information for existing Bounce Back Loans', you have received an extension on the term of your loan. There are no charges associated with early repayment.

British Business Bank

Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit www.british-business-bank.co.uk/BBLS

Coronavirus support: FAQs for businesses

We understand you might be worried about the financial impact of coronavirus on your business and we’re here to help.

Find out more (opens in a new window)