Bounce back loan for self employed

Hermann

From... https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/

Is the loan available under the Bounce Back Loan Scheme a personal loan or a business loan?

A loan under the Scheme is a business loan. The terms of the loan are covered by the Scheme.

A lender may consider paying the funds into a personal current account if no business bank account is held, if the business has been satisfactorily evidenced.

DonutMonster

@skylight - Do you still have an account at Natwest still open -  business or personal? Not necessarily being used, but just not closed down? As I think they are the ones that said you don't need a business account, just need a facilitating loan account.

All high street banks are saying you need to be a business customer, but Barclays advised me earlier that if I have personal banking with them then I can add my company details to. Speaking with Customer Support to actually do this is another matter....

The lenders are also looking at applicants who use their personal account for business transactions and this is under review at the moment.

HopeAndDriftWood

HSBC are saying that they will pay you into a 'temporary account' which you can then transfer to your normal business account if you don't bank with them... they'll also accept applications from people who use a personal account with them as a business account. 

Jeremy535897

Skylite said:

I moved from Natwest to Starling in September, but looks like Starling are not eligible to offer it! Natwest say you need to be their business customer to apply for it  - so that's that then........ always loop holes when you need it the most. 

I think most banks will require people to be business customers to obtain a bounce back loan.

JACars67

If you are a self employed sole trader without a Company Reference Number, are you still eligible for the Bounce Back Loan? If so what details do you submit?

Jeremy535897

Yes you are. It may take a few days for banks to get the systems right.

Hermann

JACars67 said:

If you are a self employed sole trader without a Company Reference Number, are you still eligible for the Bounce Back Loan? If so what details do you submit?

Start by checking if the bank you currently have an account with offer the bounce back loan, if not wait a few days and check again. If they do there should be an online form available for you see what details are required.

JACars67

Hermann said:

JACars67 said:

If you are a self employed sole trader without a Company Reference Number, are you still eligible for the Bounce Back Loan? If so what details do you submit?

Start by checking if the bank you currently have an account with offer the bounce back loan, if not wait a few days and check again. If they do there should be an online form available for you see what details are required.

I am currently with Starling Bank and Nationwide BS, not sure if I am eligible. I am a self employed Taxi Driver but still have expenses that need paying, the bounce back loan would help if I am eligible.

NatalieAGC

Starling bank are going thru the motions of being accredited to hand out the BBLS 

Skylite

@DonutMonster - I checked with Natwest as I have a personal account with them too, but they are saying that I don't have a business account so won't lend.  @NatalieAGC - checked and starling won't know how long it could take them.