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Bounce Back Loan Scheme (BBLS)

Funding to support small and medium sized businesses

Made an application already? During these difficult times, we've received a high number of applications for the Bounce Back Loan Scheme. Please rest assured that we're making every effort to get back to you as soon as possible.

What is the Bounce Back Loan Scheme?

The Bounce Back Loan Scheme has been designed to help small and medium-sized businesses impacted by coronavirus access funding quickly.

  • Businesses can borrow up to 25% of 2019 turnover on a term loan, from a minimum of £2,000, up to a maximum of £50,000
  • Loans are available for a term of 6 years - with no charge for full or partial early repayment
  • You will not be asked to provide a personal guarantee
  • You will not be asked to make any capital repayments for 12 months
  • We will not charge you any interest payments for the first 12 months - the Government will reimburse us
  • The loan value is guaranteed by the Department for Business, Energy and Industrial Strategy. The guarantee is provided to the Bank and the borrower remains responsible for repaying 100% of the loan.

Who is the Bounce Back Loan Scheme for?

  • UK businesses established before 1 March 2020 that have been impacted by coronavirus
  • UK businesses who are not bankrupt, are not in debt restructuring proceedings or not in liquidation
  • Sole traders, partnerships, limited companies, LLPs and charities
  • Banks, building societies, insurers, reinsurers, state funded primary and secondary schools and public sector organisations are not eligible for this scheme.*

*Ring fenced banks, like Clydesdale 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.

Who can apply for a Yorkshire Bank Bounce Back Loan?

  • Existing Yorkshire Bank Business Current Account customers can apply online
  • Existing Yorkshire Bank or Virgin Money Personal Current Account customers can apply online if their business was established before 5th April 2019 – but must provide a copy of their 2018/19 self-assessment tax return
  • Existing Yorkshire Bank or Virgin Money Personal Current Account customers will need to open a Business Current Account if their business was established between 6th April 2019 and 1st March 2020. Compare our Business Current Accounts
  • Businesses can only have one Bounce Back Loan. If your business is part of a group, that group can only have one Bounce Back Loan. For the purposes of eligibility under the Scheme, a group is defined by having a holding company at the top of their structure.
  • Businesses with an in-progress application for CBILS can choose to apply for BBLS instead
  • Businesses that have received a loan through CBILS can apply for a BBLS loan if it is used to refinance the whole of the CBILS facility

Paying back your loan

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

  • Monthly repayments will begin in the 13th month after the loan has been drawn down. You will make 59 equal capital instalment payments to us and one final payment at the end.
  • Your total monthly repayments to us will be made up of both the capital instalment and the interest. You will see two payments leave your account each month.
  • Interest will be paid on the first business day of the month regardless of when the capital instalments are paid.
  • Your last capital instalment will be made 72 months after drawdown unless you decide to repay your loan earlier. There are no charges associated with early repayment.

The minimum amount you can apply for is £2,000 and the maximum is £50,000.

£

Representative example

Loan Value (Capital) 59 Capital Instalments Final Capital Instalment Total Interest Paid Over the Term Total Capital and Interest Payable
- - - - -
  • These rates are indicative and payments may differ depending on the date the loan is drawn down.
  • You will have the right to cancel your application for the scheme within 14 days of the offer date.

By selecting "Apply now" you are confirming that you accept the repayment terms of this product.

British Business Bank

The Bounce Bank Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website.

British Business Bank FAQs

We understand you might be worried about the financial impact of coronavirus on your business and we’re here to help.

Find out more (opens in a new window)