A Business Interruption Payment (BIP) is the amount the government pays in the first year to cover your interest. Your monthly repayments will be made up of capital and interest payable. This means your overdraft will be removed in full. How quickly will my BBLS Top-up funds be available to me? Registered in England and Wales. Please refer to our Top up my existing Bounce Back Loan section for more information. The guarantee provides Santander with a full guarantee, should you fail to repay the loan following a demand by Santander. Once weve received your signed documents well send your loan money to your Santander account as soon as we've complete our final checks. Someone who is working out of our site today had problems all morning but there loan top up just slipped through. Registered in England and Wales. Here youll find a range of options suited to short and long-term needs. Youll need to provide us a copy of your full 2018/19 self assessment tax return. To support you in completing your application for a BBLS Top-up, please have the loan agreement for your original BBL to hand. So please check back daily for even more of them going live. Monitor repayments you make during the life of the Loan and take appropriate action to help you where there are signs of actual or possible repayment difficulties, Make appropriate adjustments if we identify you as vulnerable or we have reason to believe you may be vulnerable in order to ensure your circumstances are accommodated throughout the duration of the Loan. How do I know whether Ive already taken out the maximum BBL amount available to me? What are the consequences if I do not keep up with repayments? fixed for the full length of the loan, 6-year loan with no early repayment charges, You have a Santander current account opened before March 01 2020, Youre a UK-based business that has been impacted by Covid-19, You havent already applied for or received a BBL for a, You dont already have a CBILS, CLBILS or CCFF unless youre refinancing it in full by taking this BBLS. Before this bounce back loan I applied for an overdraft with Santander for my business under covid scheme on Monday I applied for the bounce back they sent me docs same day I signed them. Your business wants to apply for a BBLS Top-up of at least 1,000 (if this amount is available to your business). To view these documents, you may need to download Adobe Reader. For most customers well send you an email (usually within 24hrs) containing documents you need to sign and return to us digitally. Take a look at our information on how to complain, including details of our complaints handling procedure and your right to complain to the Financial Ombudsman Service. What is the Bounce Back Loan Scheme (BBLS)? We are expected to do the following in respect of your BBLS Loan (Loan): We are to provide you with the following information in relation to your Loan during its term: Please note the above is for information purposes only and will not be deemed incorporated into the Loan (nor provide you with any additional rights under it). However, your business will always remain responsible for repayment of the whole (ie.100%) of the debt. Under the current guidance from the British Business Bank, A customer may apply for one loan for each separate business, unless the businesses are a group as defined by having a holding company. Please refer to our Business Group Guidance Sheet (35 KB) for more information. Applications from customers who opened their personal current account after 1 March 2020, or who run their business transactions through an account with another provider wont be accepted. If you default under the BBLS Loan, give you a reasonable period to remedy any breach and will not treat the same as an event of default if it is remedied by you within this period. When will I start making repayments on my BBLS Top-up? Please refer to our Business Group Guidance Sheet for more information. We'll contact you afterwards if this applies to you, Company name, address and company registration number (where applicable), Turnover for 2019 (estimates can be used), Santander or Cater Allen current account, with a sort code and account number, which you use to manage your business. Registered Offices: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom. Have not borrowed the full amount available (either 50,000 or 25% of the annual turnover that you provided in the original application, whichever is lower). Almost all business sectors are eligible for BBLS. You may wish to keep a copy of the Business in Difficulty GuidanceQuestionnaire to hand if you want to check if your business is in difficulty. Once youve opened your BBLS Top-up, all details and terms of the loan, including interest and repayment dates, will be exactly the same as your original BBL. Santander UK supported the business by facilitating a Bounce Back Loan, which is backed by the Government; The loan helped the business to shift sales online and allowed the business to reach chocolate lovers nationwide. Information on options available to you for help and assistance, including sources of free independent advice. These applications will take longer to process. While you dont have to repay amounts under the BBLS for the first 12 months, you need to make sure that you carefully consider the loan amount you apply for and you feel comfortable that you could afford to repay in full. However the rules of BBLS state that under no circumstances can you amend or increase the turnover that you stated on your original application. Our sector specialists are here to help you prosper. Will the terms and rates of a BBLS Top-up remain the same? My turnover has increased since I submitted my original BBLS application, or I inputted my turnover incorrectly on my original BBLS application. Full details will be provided as part of the application process. Please note the maximum loan size available under BBLS is 50,000. Supporting your business with a government-backed business loan, Full eligibility details are included within the online application process, International payments and travelling abroad, Bounce Back Loan Scheme (BBLS) and BBLS Top-ups, Bounce Back Loan Scheme Key Facts Document (pdf) (803 KB), Business in Difficulty GuidanceQuestionnaire, Bounce Back Loans Scheme (BBLS) Key Facts Document (pdf), Bounce Back Loan Scheme Data Protection Statement (pdf), Total amount repayable over the term of the loan, Straightforward application withquickaccess to funds, Government covers the first 12 months of interest (this means you pay 0% for the first year), Interest rate of 2.5% p.a. Joshs Chocolate launched in August 2019, producing premium quality chocolate, close to the coast in Cornwall. Bounce Back Loan News Archive. Small business grant funding of 10,000 for all businesses in receipt of small business rate relief or rural rate relief; and, Grant funding of 25,000 for retail, hospitality and leisure businesses with property with a rateable value between 15,000 and 51,000, Claim for wages through the Coronavirus Job Retention Scheme. Extension of Bounce Back Loan Scheme (BBLS):The Government has now extended the closing date for new BBLS applications until 31 January 2021. (Your business can only apply for a BBLS Top-up once). When you submit your request for a BBLS Top-up, we will make some realtime background checks to confirm the value of the original loan you received against the total BBL available to you. The maximum you can borrow is up to 25% of your business turnover in 2019. Lending guide and appeal process. 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). More than 110,000 small businesses applied for low-cost finance on the first day of the UKs bounce back loan scheme, underlining the demand for credit to survive the coronavirus lockdown. You must have taken your original BBL with Santander to be eligible for a top up with us. Simply click on the red Chat with us area on the right-hand side of our website pages. Coronavirus Business Interruption Loan Scheme. It is not authorised or regulated by the PRA or the FCA. Your business must: If your business has already made a partial repayment of your BBL the total amount of the BBLS Top-up and original loan cant exceed the maximum of 50,000 or 25% of the annual turnover that you provided in your original application, whichever is lower. Santander currently offers Coronavirus Bounce Back Loans to small businesses affected by the pandemic. Its important you do this otherwise we may not be able to process your application. A statutory sick pay relief package for small businesses. You are not a Relevant Financial Institution (RFI), nor do you intend to become an RFI (as defined within Article 2 of the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014), The total amount repayable over the term of the loan includes the Business Interruption Payment. If you require a business loan over 50,000, please visit Corporate and Commercial Banking. So please check back daily for even more of them going live. The government will cover interest payable in the first year. For most customers well send you an email (usually within 24hrs) containing documents you need to sign and return to us digitally. You can use our online chat for any questions you might have. The following trades and organisations are not eligible to apply: banks, building societies, and insurers (but not insurance brokers); or the public sector including state funded primary and secondary schools. You can only apply for one Bounce Back Loan per group. Santander Bounce Back Loan complaints along with success stories are listed below. Visit any Santander branch Speak to your Relationship Manager santander.co.uk Page 1 of 2 Product features The BBLS Scheme The Bounce Back Loan Scheme (BBLS) supports businesses by providing access to a source of alternative finance if you are impacted by the coronavirus outbreak. A current insurance schedule certificate related to your business or regulatory licence e.g. HR, employment and health and safety solutions, Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme, Business in Difficulty Guidance Questionnaire, Bounce Back Loan Scheme (BBLS) Key Facts Document, Bounce Back Loan Scheme Data Protection Statement, HR, Employment and Health and Safety Solutions, Total amount repayable over the term of the loan, Straightforward application and quick access to funds, Loan amount from 2,000 up to 50,000 or 25% of your annual turnover, whichever is lower, Government covers the first 12 months of interest (this means you pay 0% for the first year), No repayments required for the first 12 months, Interest rate of 2.5% p.a. The bounce back scheme was set up for businesses in dire need of cash after complaints that the coronavirus business interruption loan scheme was too You wont need to make a monthly payment until month 13, at which point it will be fixed at 2.5% per annum for the rest of the life of the loan (another 5 years). A statutory sick pay relief package for small businesses. You can choose to accept or decline this reduced figure. The Government has launched a range of support measures to help support businesses through the disruption caused by coronavirus including; Please refer to a summary of Government support (217 KB) or the Government support website for full details. Important Information including Key Facts. Have not already applied for a BBLS Top-up. The Bounce Back Loan is a new government scheme for small businesses who can apply for loans from 2000 up to 50,000 of financing from their lender to If you dont have a Santander current account, find out how to apply. If youve already taken the maximum available to you we will confirm this to you at the end of the application process. What are the consequences if I do not keep up with repayments? You will need the following information to apply for a loan from the Bounce Back Loan Scheme (BBLS): Please enter the information as it appears on your statements. Take a look at our Top up my existing Bounce Back Loan section for more information. Our Financial Services Register number is 106054. You wont need to make a monthly payment until month 13, at which point it will be fixed at 2.5% per annum for the rest of the life of the loan (another 5 years). Important information is included within documents which can be accessed via the links below. We are committed to supporting our customers through these uncertain times and welcome the announcement by the British Business Bank and HM Treasury to enable us to provide finance to businesses more quickly via Bounce Back Loans. Zenith Fleet Solutions. Extension of Bounce Back Loan Scheme (BBLS): The closing date for new BBLS applications has been extended until 31 January 2021. Can I apply for a Bounce Back Loan if I am a Cater Allen business customer? Take a look at our information on how to complain, including details of our complaints handling procedure and your right to complain to the Financial Ombudsman Service. No, the rules of BBLS state that under no circumstances can you amend or increase the turnover that you stated on your original BBLS application. If you have an existing Santander Business loan there will be no changes to this and the BBLS loan will be a separate loan for the additional amount that you apply for. The seven largest lenders (Barclays, Danske, HSBC, Lloyds, RBS, Santander and Virgin Money) received more than 130,000 Bounce Back Loan Scheme applications on Can I defer my BBLS Top-up repayments for another 12 months? If you have any current or savings accounts with us, we may move funds from those accounts to settle any outstanding payments on your BBLS Loan. If your business is eligible for a top up but request an amount higher than the maximum available, we will confirm this after you submit the application. Will the terms and rates of a BBLS Top-up remain the same? To support you in completing your application for a BBLS Top-up, please have the loan agreement for your original BBL to hand. No, once youve opened a BBLS Top-up, youll be required to make your repayments at the same time as your Original BBL repayments are due, via a single monthly Direct Debit. To be eligible for a top up, your business must have a Santander or Cater Allen account that is open. Please click the Apply for a Top-up button at the bottom of this page. Company A may apply for a Bounce Back Loan. You will be asked to confirm this before beginning your application. Also, failure to make your BBLS Loan payments when they fall due may result in legal proceedings being taken against you by us, which may result in us taking enforcement action against you in order to recover the monies that are owed. Legal information | Accessibility | Sitemap | Cookies | Privacy | Your personal data | Modern Slavery Statement. It is now almost 48 hours since I applied for the bounce back loan for my Santander business account. Registered Numbers 2294747 and 1533123 respectively. Your monthly repayments will reduce over time as you repay the capital balance. www.santander.co.uk. Its important that you read and understand the information in the Bounce Back Loans Key Facts Document and Bounce Back Loan Scheme Data Protection Statement. Were working hard to do all we can to help our existing business customers who are in urgent need of support under the Bounce Back Loan Scheme. The total amount repayable over the term of the loan includes the Business Interruption Payment. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. @Brown1988Danny @Bounce_BackLoan be interesting to see how many people are having issues with Santander. Have not borrowed the full amount available (either 50,000 or 25% of the annual turnover that you provided in the original application, whichever is lower). Can I request a top up or increase my Bounce Back Loan amount? Eligible businesses can apply for a loan of up to 50,000, with a fixed rate of 2.5% p.a.. If youre a sole trader applying for a Bounce Back Loan but have a Santander personal current account which you use for your business, youll need to provide us a copy of your full 2018/19 self-assessment tax return. Visit british-business-bank.co.uk. What happens if I apply for a higher top up amount than Im eligible for? 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