Unlock your cash flow potential. At Yorkshire Bank we take a flexible approach to business borrowing.
Lending is subject to status and eligibility.
The Bounce Back Loan Scheme (BBLS) is now closed to new applications, including applications for Top-Ups.
BBLS applications received by 23.59 on 31 March 2021 can be processed through to 31 May 2021.
We are working our way through applications and we will be in touch in due course. It’s important that you continue to provide supporting information as requested so that we can progress to a formal offer as quickly as possible.
If you have a query about BBLS, or wish to discuss an outstanding application, please contact us on 0800 756 0800.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility size starting at £25,001 for Term Loans.
Further information can be found on the British Business Bank website.
The Bounce Back Loan Scheme has been designed to help small and medium-sized businesses impacted by coronavirus access funding quickly.
*Ring fenced banks, like Yorkshire Bank PLC (which also trades as Virgin Money and Yorkshire Bank), are prohibited from entering into certain types of transactions with financial institutions. Broadly speaking, the term “financial institution” includes investment firms, alternative investment fund managers, structured finance vehicles, credit institutions, certain types of insurance companies, UCITS funds and financial holding companies.
Interest will be applied after the 12 months interest free period at a fixed rate of 2.5% and will apply for the remaining period of the loan
You received a payment holiday for the first year of your loan, with the interest being paid for by the Government via a Business Interruption Payment. After the first 12 months, you will need to start making monthly repayments to repay the amount you borrowed, plus interest from the date your repayment holiday ends.
We will send you a repayment schedule outlining your options, around three months before your first payment is due.
Please note you do not need to contact us in advance.
If you no longer need the loan, you can choose to pay it back early. You’ll then pay less interest. There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-month repayment holiday.
Or you can make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments.
Your other repayment options:
Pay As You Grow
The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.
Pay As You Grow options will be available to you once you start to repay your Bounce Back Loan, from 12 months after it was first approved.
Using these options won’t affect your credit score, though it may influence how we assess your creditworthiness in the future and your loan may cost you more overall.
The options available to you when you are due to make your first payment after 12 months are as follows:
1. If you expect to be in a better position to repay in the future:
2. If you’re only able to repay a smaller amount:
You could request an extension of your loan term from six years to 10 years at the same interest rate of 2.5%.
If you’re considering this option you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.
Please note for all three options that the total amount you owe will go up. This is because your interest costs increase as you’re repaying your loan over a longer period.
You can use options 1 and 2 together if you need to.
We’re here to help
You do not need to contact us in advance. We will send you a repayment schedule outlining your options, around three months before your first payment is due.
However if you’re worried about your finances, please contact us on 0800 756 0800.
Other business finance support options
In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
Reminder of your Bounce Back Loan terms and conditions
When you applied for your Bounce Back Loan, you declared that you understood that:
Further information can be found online on Managing Your Complaints
You can also download a copy of our Complaint Handling PDF
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit www.british-business-bank.co.uk/BBLS
Your digital services have had a Virgin Money makeover. Make the move today by using the new Virgin Money internet banking service.
There are no changes to your account information or login details, the only difference is that you can now sign in to the new Virgin Money internet banking service as well. For now you can still log on through Yorkshire Bank if you’d prefer.
Here's to a life more Virgin.Continue to Yorkshire Bank Internet Banking as normal
Your digital services have had a Virgin Money makeover.
There are no changes to your account information or login details, and you'll recognise the layout of the system once you click through. The only difference is that you will now sign in with the new Virgin Money Business Internet Banking service.
Here's to a life more Virgin.Continue to Virgin Money Business Internet Banking