What is the Bounce Back Loan Scheme?
The Bounce Back Loan Scheme (BBLS) was launched to enable businesses impacted by the current coronavirus pandemic to access financing quickly.
How do you apply?
You can enquire about applying for the Bounce Back Loan Scheme by completing the form at the bottom of this page.
How much can you borrow?
You can borrow between £2,000 and 25% of your 2019 turnover, up to a maximum loan of £50,000, on a term loan.
Under what conditions?
- The loan term is six years, but you can pay back the loan sooner with no early repayment charge
- You will not be asked to provide a personal guarantee
- You will not be asked to make any capital repayments for 12 months
- The government will guarantee 100% of the loan and we won’t charge any fees or interest for the first 12 months as the Government will reimburse us
- The interest rate is 2.5% fixed
- The loan value is guaranteed by the Department for Business, Energy and Industrial Strategy. The guarantee is provided to Arbuthnot Latham, but you (the borrower) remain responsible for repaying 100% of the loan
As a confirmed accredited lender of the government-backed Bounce Back Loan Scheme, we are here to support our clients during the coronavirus outbreak.
If you require additional information about the scheme, please visit the British Business Bank website.
Are you eligible for the Bounce Back Loan Scheme?
- Your business is UK-based
- Your business was established before 1 March 2020
- You can certify that your business has been impacted by Coronavirus (COVID-19)
- You are an existing Arbuthnot Latham client
- Your business is neither bankrupt, in debt restructuring proceedings nor in liquidation
- Your business is not currently benefitting from a government-backed Coronavirus loan scheme
Note: Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive), public sector bodies, a state-funded primary or secondary schools and insurance companies are not eligible to apply.
Note: you must be allowed to apply for a loan on behalf of your business.
What else do you need to know?
We will not charge you any fees in connection with this loan (including if you are in breach of your loan agreement) or default interest (although if you miss a payment you will continue to owe interest at the rate of 2.5% per annum on the amount of the loan outstanding).
We will keep you informed about the state of your loan and provide you with appropriate information, including:
- A statement (at least once a year) setting out details of the payment transactions on the loan during the period since the last statement (or since we paid the loan to you if it is the first statement) and the amounts outstanding
- If you do not make a payment on time, timely and clear information about the amount of the missed payment, what you need to do to remedy this and by when and the impact this will have on future payments; and
- Information on options available to you for help and assistance, including sources of free independent advice
- We will provide you with information in a way which is clear, fair and not misleading
If you take out a Bounce Back Loan, we will:
- Monitor your repayment record and take appropriate action where there are signs that you may have repayment difficulties; and
- Make appropriate adjustments to ensure that your circumstances are accommodated if we identify that you are or we have reason to believe that you may be vulnerable.
If your payments are late or breach other terms of the loan, we may:
- Require you to repay the loan (together with any interest you owe) immediately
- Disclose information about you and your account to licensed credit reference agencies (which may negatively impact your ability to obtain credit in future)
- Bring legal action to recover the loan
We will give you reasonable notice about any action we intend to take before we do so. This will include giving you an opportunity to remedy any breach (where it is capable of remedy) within a reasonable period. If a breach is remedied within this period we will not treat it as an event of default.
If you have a complaint please contact our Head of Compliance at our registered office. Details of our complaints handling procedures are available on our website and from us upon request.
If we are unable to resolve your complaint you may be able to refer the complaint to the Financial Ombudsman Service. Please refer to the FOS website www.financial-ombudsman.org.uk or contact the FOS on +44 (0)800 023 4567 or +44 (0)300 123 9123 for further information.
Enquire about the Bounce Back Loan Scheme
Thank you for your interest.
We have had to take the decision to focus on providing Bounce Back loans only to current Arbuthnot Latham clients. We are very much a relationship bank and therefore feel that it is important to prioritise our clients, who have waited patiently for us to be admitted to the scheme. We therefore regret that at this time we are not able to accept applications from clients from other banks.
If you have not been affected by COVID-19 and are looking for a business loan, please email us at BBLSTeam@arbuthnot.co.uk.
Key features of the Bounce Back Loan Scheme
- Loans of between £2,000 to £50,000 (up to a maximum of 25% annual turnover)
- The Government will cover the first 12 months of interest (this means you pay 0% for the first year)
- No repayments required for the first 12 months
- Interest rate of 2.5%
- 6-year loan with no early repayment charges
- You are 100% liable for the debt
If you would like to enquire about a Bounce Back Loan, please complete the form below and we will be in touch shortly.
Thank you for your enquiry.
Thank you for showing an interest in the Bounce Back Loan Scheme with Arbuthnot Latham. We will be in touch with you by the next working day to discuss your requirements.
It is important you understand the next steps to prevent delay to your application.
We will send you:
- An email confirming we’ve received your details
- An email including an application form and further documents to complete (if applicable)
Once we receive your documents, you will receive an email confirming receipt.
If your application is successful, we will send you a loan agreement for you to sign.
Once we receive your signed loan agreement, we will email you a copy of your loan agreement. We will then aim to send you the funds by close of business of the following day after receipt of the signed loan agreement.
The Bounce Bank Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website.