BBLS applications

spender1958

I run my sole trader business with my Nationwide account and have done for 30years.  I need a bounce back loan  but Nationwide are not on the scheme.    So I want to apply though another bank.  I was told you can do this even if you have not business account with most banks.    It appears Now most banks ave moved the goal posts again.    Every time I ask now they all say you have to hold a business account with them.     And they are accepting new allocations for accounts.  I have a current account for savings with Santander.  And I applied to them.    I have just been turned down as I don’t have a business account.   Does anyone know of a bank that will process a bounce back loan without having to have a business account already ?   

gt94sss2

Have a look at the table at https://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/#where for options.
I think most in your situation are trying HSBC for a feeder account ( there is very limited choice) - though due to the volume of applications, their turnaround time can be slow.
In the longer term, you might want to open a proper business account somewhere. Operating a business from a personal account is against banks T&C - and Nationwide have dropped plans to launch business accounts.

Grumpy_chap

It is really bad to run a business using a personal account.

The BBLS is open until November so, if you can, take this in steps.  Open a business account first and then apply for the BBLS after a short interval.  You will need to be able to evidence to the bank that you have established business trading history as a sole trader - this might be more difficult as you do not have a business account history.

Regarding:

spender1958 said:

 I was told you can do this even if you have not business account with most banks.    It appears Now most banks ave moved the goal posts again.    Every time I ask now they all say you have to hold a business account with them.     

I am not really sure that the banks ever "moved the goal posts".  The rules from the Government have been written to allow the BBLS to be paid without a business account, but the individual banks were allowed to set their own rules around account requirements and AFAIK, they pretty much all required a business account (or at least a feeder account) from the outset.