Bounce Back Loan

Bolt1234

i have tried to look online regarding this but cannot find an answer  My husband does his business banking with TIDE who aren’t an authorised lender for these loans.  He fits the criteria of a loan.  We personally bank with Lloyd’s and Nationwide.  If we cannot apply through TIDE can we use our longstanding relationship with Lloyd’s or Nationwide or will be need to go through a broker - does anyone know the sort of fees we should expect to pay please?

Many thanks

Grumpy_chap

As I understand it, none of the applications for the Bounce Back Loan will open until Monday 4th May, so I think there is a need to wait until then irrespective of who the business banks with.

I am not sure whether all the rules have been made public yet.  Are the interest rates standardised across all banks?  Are there restrictions on what the funds can be used for?

Notwithstanding the queries that remain to be clarified, I am not sure why any business would not take advantage of this as it seems as though a loan can be applied for fee-free and interest-free for the first 12-months, so would you not take the loan and pay it back within 12 months if there has been no need to draw it down?  Maybe my understanding is incorrect here and there are costs, otherwise it seems a weird scheme.

Jeremy535897

All you can do is ask them.

Bolt1234

I think it’s a bit of a no brainier too.  

Grumpy_chap

We now know the interest rate will be 2.5% after the first year.
No fees or interest in the first year.
Can there be fees applied in the years 2 - 6?  For example redemption fees?

msmoby

Well, I bank with a well-known High Street bank and thought there might be a rush and checked in at midnight and sometime after 9:10 the info changed to 'login' and go to products and services, 'biz loans' ... I am self-employed and use my personal account ...

So had to register for biz banking and wait for postie to deliver an ID ((

HRDuff

I went on to try and apply for a loan this morning as not entitled to any grants!! Only 6 National banks on there - & typically we have banked with HSBC for the past 15 years as a business customer and they're not one of them!!!! All the others you need to have a bank account with them or open one up and switch you account.  Thought this was supposed to be easy! (how silly of me to think that)  So - again those unlucky enough not to have one of the 6 bank accounts are left out or have to open a new business account.  And probably then as they don't "know" your business as you're a new customer the cynic in me says they will probably turn you down.  

Hermann

It is implied that more lenders will be added so HSBC may become available.

HRDuff

HSBC just been added.  :-)) 

lordsmit

Good Morning,
We have been banking with TIDE for the last three years and do not have a main stream business bank account, I have tried this morning with all current lenders on the gov list and you need to have a business bank account with the lender to be apply. Is this going to stay the same or is there any way to apply with out an account?

paulsoutham23

My understanding of bbl was any business could apply anywhere, but the banks are only letting you apply to the bank you have an account with, and it must be a business account, is this right?