Bounce Back Loan

seamagic

We are a LTD company & looking into taking out this 'Bounce Back Loan', but are a bit wary & unsure of the checks they do. Two of our directors have been going through buying & selling & are just waiting for last bits to be finalised so they can exchange & complete. So my question is, will we personally be credit checked or is it just the business that gets a credit check?? Obviously they don't want any checks to come up on their credit report just in case the mortgage company decide to do one more check before completion. And even if it is just the business that is checked, could that be detrimental to their mortgage?

TIA

Jeremy535897

You can never be sure what banks will do, but if the company's account is a proper business account in the company's name, and is with the bank from which it would seek the BBL, there should be no issue, if all the eligibility criteria are met. For FAQs on BBLs, see:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f2