Co-op not offering Bounce Back Loans to new business customers

deepdale1973

My husband has a current account with Smile for over 20 years and had his business for 15 years.
He was told 6 weeks ago to apply for a business account to be able to apply for the BBL which he did.
He has just been told they are not offering BBL to new customers.
This does not seem correct. Has anyone any advise.
Very frustrating as I know people who dont need them, applied and had the money in next day.

Thanks 

dunstonh

This does not seem correct.

Why do you think it is not correct.     Their application process says it is avialble to "existing Co-operative Bank customers only."

They bold the bit that says that.   Your husband didn't have a business banking account with them so it not an existing customer.  

Very frustrating as I know people who dont need them, applied and had the money in next day.

And almost certainly all of those had a business banking account.  

He needs to apply at another bank.

deepdale1973

it didn't specify that he had to have a business account, they told him to apply for one to be able to apply initially.
Do you think it's worth applying to any others?  Thanks for your response

jimkelly

You can't really blame the Co-op.

This whole BBL thing is going to be one hell of a mess when the proverbial hits the fan not too far down the line.

I'm not talking about those businesses who are using it to genuinely "bounce back" and therefore pay it back.  I'm talking about those that are having to use it in order to live and pay for essentials like food/mortgage/rent (as advocated by Martin Lewis himself).  @dunstonh, as you are aware from our conversations elsewhere, you could even call them 'the excluded'.

gt94sss2

deepdale1973 said:

Do you think it's worth applying to any others?  

Yes, if you need one.
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 though it's not a quick process.

Jonesy1977

jimkelly said:

You can't really blame the Co-op.

This whole BBL thing is going to be one hell of a mess when the proverbial hits the fan not too far down the line.

I'm not talking about those businesses who are using it to genuinely "bounce back" and therefore pay it back.  I'm talking about those that are having to use it in order to live and pay for essentials like food/mortgage/rent (as advocated by Martin Lewis himself).  @dunstonh, as you are aware from our conversations elsewhere, you could even call them 'the excluded'.

jimkelly Or you could call them the included, Included in BBLS, included in CJRS, Included in CBILS, possibly included in SBRR Grant (if they have premises that are mothballed).  If someone took a BBLS to save their business and keep themselves paid then good luck to them, they were no doubt very happy to have been "included" and don't forget the debt will be written off if they do not survive (backed at 100%) so not Excluded after all........... You can keep saying it, but it does not make it true :-)