Bounce Back Loan

RuthEBrowne

I have applied to the Natwest to open a feeder account prior to applying for a bounce back loan. I have had this declined so haven't even got over the first hurdle. The email said thus "We’ve reviewed your application for a Business Current Account and we’re sorry but we won’t be able to take it any further.

We considered the information you gave to us and completed our standard checks and assessments. If we have concerns over a business or believe it would expose us to financial risk, we may choose not to offer banking facilities. Unfortunately, this is the case here."

I am at a loss as to know why they consider my business a risk!! I fulfull all the criteria required for the BBL. Business established since 1982 (self employed sole trader), no debt, excellent credit rating, correct turnover etc. Very surprised and also worried that this is the outcome. Also, the email implies that I applied to open a Business Current Account but infact, as stated, it was a "Feeder Account". I want to take this further, even if I still can't have the BBL, I must know why my application was declined. Obviously I have messaged Natwest about this who just say that they have informed me of why they won't process my application. So frustrating as they haven't informed me other than to tell me I am a risk.

RuthEBrowne

I also should have mentioned that i have a personal current account with Natwest and have had this for 25 years, my husband had been joint on this account for approx 10 years. Both our credit ratings are excellent.

Grumpy_chap

A bit of patience could pay dividends here.
First off, you need to discuss with NatWest and await them to give any reasons.  That may then enable you to get an account with NatWest, or you will have gained knowledge to look for an account with a different bank.
After you have an account with someone, that is the time to apply for BBLS.

RuthEBrowne

Thanks for responding. I agree it is worth being patient and pursuing. I am going to follow it up and am also considering Metro Bank.

RuthEBrowne

UPDATE: I reapplied for the NatWest feeder account after being declined the first time. I then applied for the loan and within a couple of days was informed that I had been successful and a couple of days later the loan went into my account. It is definitely worth re-applying for the feeder account and make sure you put "Application for feeder account for BBL" in the business description section.