Bounce Back Loan Scheme (BBLS)

We are only accepting new Bounce Back Loan Scheme applications if you are:
  • An existing TSB Business (BCA) or Personal Current Account (PCA) customer, and
  • Your TSB account was open by 11 May 2020, and
  • You were using the account for your day-to-day business banking needs and you meet the scheme eligibility criteria below.

The scheme will close to applications on 30 November 2020.

If you are not an existing customer as explained above then unfortunately we are unable to accept your Bounce Back Loan application.

There are a number of other high street banks offering the Bounce Back Loan Scheme to businesses.  Further details of other accredited lenders and information about alternative support is available from the British Business Bank – a UK Government owned, but independently run organisation.

You can only receive one Bounce Back Loan for your business. If you have already applied for a Bounce Back Loan from us or another lender, or have already received a Bounce Back Loan, we are unable to accept your Bounce Back Loan application. If your business is part of a group, only one loan is allowed per group. Businesses are considered to be part of a group if they have a holding company at the top of their structure. 

Further details on the Bounce Back Loan eligibility criteria can be found below.

Guidance for TSB Personal Banking customers running businesses

We understand that some businesses may have been using their TSB Personal Current Account (PCA) for business trade.  If your business is eligible to apply for a Bounce Back Loan and you’ve been using a TSB PCA until now, you will need to apply for a TSB Business Current Account (BCA) before applying for a Bounce Back Loan. When you apply for a BCA we will ask you for your 2018-2019 tax return or additional documents, so please have that ready. To find out more see the business current account page.

If you did not have a business current account with TSB on the 1st March 2020, we will need to see additional documentation to show your business was trading before then. This could be business transactions in your TSB PCA, or additional documents. We’ll let you know if we need this.

If you are applying for a business current account

We are receiving high volumes of business current account applications at the moment, so it’s taking us longer than usual to process them. If you’ve applied recently, we are working through applications as quickly as possible and will be in touch as soon as we can. We are only accepting new applications for Bounce Bank Loans if you already bank with us.

Who is eligible for a Bounce Back Loan?

To be eligible you must also fulfil the following scheme criteria:

  • Your business is a UK-based business trading as at 1 March 2020;
  • Your business has been negatively affected by Coronavirus (COVID-19);
  • You derive more than 50% of your income from your business trading activity;
  • You do not have, or have not already, applied for a Bounce Back Loan from TSB or another lender;
  • You can self-declare that your business is not a Business in Difficulty as at 31 December 2019 (or if it is, that you are not in breach of De Minimis State aid restrictions); is not in bankruptcy; debt restructuring proceedings; or in liquidation; and
  • You can self-declare that you are not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will be used to repay the whole of the CBILS, CLBILS or CCFF facility.

The following types of business are not eligible:

  • Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive)
  • Insurance companies
  • Public sector bodies
  • State-funded primary or secondary schools

We are not offering Bounce Back Loans to Trusts, Clubs, Societies and Charities.

Full eligibility criteria are included in the Bounce Back Loan enquiry form.

What is a Bounce Back Loan?

Bounce Back Loans are for businesses impacted by Coronavirus (COVID-19), who need to borrow from £2,000 up to £50,000 (up to a maximum of 25% of the business’ annual turnover). To apply there is a simple form to complete. There are no forward-looking tests of business viability or complex eligibility criteria to meet.

  • A 6-year fixed-term loan with the option to extend up to 10 years, no early repayment fees or charges and no arrangement fee;
  • For the first 12 months you won’t pay any interest and you won’t need to make any repayments;
  • After the first 12 months until the end of your loan term a fixed interest rate of 2.5% per annum applies and you will need to repay your loan (the amount you borrowed plus the interest) over 60 monthly repayments;
  • You will be responsible for all repayments/debt;
  • Option for a capital repayment holiday (interest-only repayments for up to 6 months. Option can be used a maximum of three times over the term of your loan. The length of your loan will increase meaning you will pay more interest overall.)
  • Option to temporarily pause your repayments for up to six months providing you have already made six repayments. (option to pause repayments can be used once over the term of your loan).
  • No personal guarantee or security is required;
  • The Government provides a 100% debt guarantee to lenders on these loans, but you remain responsible for repaying your loan.
  • Bounce Back Loan funds must be drawn by 31 December 2020 when the scheme closes. Please provide all the required information to support your BBLS application at the time you apply or within two weeks of any requests being received from TSB to ensure your application can be processed before the scheme closes.

Further information can be found in this guide to Bounce Back Loans produced by UK Finance - an industry body who represent the finance industry.

How much will the loan cost?

For the first 12 months of your loan you won’t be charged any interest. After the first 12 months until the end of your loan term an interest rate of 2.5% p.a. will apply. There is no arrangement fee.

The table below shows some examples of loan repayments.

The total amount repayable excludes Business Interruption Payment (BIP), which TSB will receive from the Government to cover the first 12 months of interest.

Borrowing amount First repayment amount* (month 13) Total amount payable Interest amount payable over the loan term
£10,000 £177 £10,647 £647
£20,000 £354 £21,294 £1,294
£30,000 £531 £31,941 £1,941
£40,000 £708 £42,588 £2,588
£50,000 £885 £53,235 £3,235

* We will send you a repayment schedule before your first repayment is due.

To find out about the costs of a Bounce Back Loan see our Lending Rates page.

Important Information
  • You can only receive one Bounce Back Loan for your business. So if you have already applied for, or have received funding for a Bounce Back Loan from another lender, you will not be eligible to apply. If your business is part of a group, only one loan is allowed per group. Two or more businesses that are under common ownership or control (including by the same individual or group of individuals) are considered to be a group;
  • Bounce Back Loans are not subject to the usual consumer protections that apply to business lending. This means you won’t have the benefit of the protection that would otherwise be available to you under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974 (if applicable);
  • You aren’t able to have both a CBILS overdraft and a Bounce Back Loan at the same time. But you may be able to transfer your CBILS overdraft to a Bounce Back Loan until 30 November 2020. We will provide more information in due course, and this will be subject to status;
  • If you do not repay your Bounce Back Loan it could negatively impact your credit score or rating with credit reference agencies and make it harder to get credit in the future;
  • If you take out a Bounce Bank Loan with us, we will pay due regard to your information needs and we will provide information to you in a way which is clear, fair and not misleading;
  • To find out how you can make a complaint to TSB see our Managing Debt page. You’ll also find details there about how you can contact the Financial Ombudsman Service for complaints we’re unable to resolve.
We will provide you with the following information about your Bounce Bank Loan:
  • A statement (at least annually), setting out details of payment transactions on your Bounce Bank Loan during the time since such information was last provided (or the date that you received funds under the loan, if no information has been provided previously) and amounts outstanding under the Bounce Bank Loan;
  • If you miss a repayment on your Bounce Back Loan we will provide timely, clear and adequate information to ensure you understand the amount you have missed, what can be done to remedy it, when you need to make any missed payments by, and how this could affect your future repayments;
  • If you default on your Bounce Bank Loan, we will provide you with information about any proposed action we might take, before we take it; and
  • The options available to you for help and assistance, including sources of free independent advice.
We will also:
  • Pay due regard to your information needs and provide information in a way which is clear, fair and not misleading;
  • Monitor repayments that you make during the life of your Bounce Bank Loan and take action to help you where there are signs of actual or possible repayment difficulties;
  • Make adjustments to ensure that your circumstances are accommodated throughout the duration of your Bounce Back Loan, if we identify or believe you are vulnerable;
  • Give you a reasonable period of time to remedy any breach if you default on your Bounce Back Loan. We will not treat the default as an event of default if you remedy the default within the period of time we give you;
  • Not charge you any fees in relation to your Bounce Back Loan (including on default) or any default interest (except that we may continue to charge interest at the rate of 2.5% per annum if your Bounce Back Loan is not repaid when due until such time as it is repaid).

FAQs

Please complete the Bounce Back Loan enquiry form above, and we’ll be in touch as soon as we can. If you have difficulties or need help to complete the form, please contact us. We won’t be able to help you in branch with this loan.

You cannot apply for a Bounce Back Loan if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS). But if you have already received an overdraft of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with us until 30 November 2020 (subject to status).

TSB will assess any application based on the eligibility criteria mentioned above and carry out fraud and anti-money laundering checks, which may result in an unsuccessful application.

If you experience difficulties repaying your loan you can find helpful information on our Managing Debt page, together with information on how this may affect your credit score or rating.

To find out how you can make a complaint to TSB visit our Managing Debt page . You’ll also find details there about how you can contact the Financial Ombudsman Service for complaints we’re unable to resolve.

 

Find out more and apply

To enquire and apply, please use our

Bounce Back Loan enquiry form

For existing TSB Business Current Account customers

After you have completed the application online, you’ll see a message saying “You’re all set” which means we have received your form.

If you choose to download a copy of your form, please be aware that this will look different to the version you completed. During the application process we only ask questions relevant to you, so if there is a blank response on your downloaded form it’s because we didn’t need to ask you that question. Don’t worry, your application is complete and we will process it as soon as we can.

If you have difficulties or need help to complete the form, please contact us.

We have chosen Adobe to support us with our digital processes by using their ‘Adobe Sign’ software.

Please be aware that Adobe are a separate data controller from TSB, and any personal data you provide will be sent to Adobe and processed in accordance with their terms and conditions of service.

You may therefore wish to read their Adobe Terms of Use and Consumer Disclosure before using the following link(s).
 

Contact us 

To use our online chat service click on the blue tab on the right hand side of this page. Our automated service is available 24/7 with Partners 9am- 4.30pm Monday to Friday (excluding bank holidays).

British Business Bank logo

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 british-business-bank.co.uk.

Full details on BBLS and the list of participating BBLS lenders can be found on the BBB website at: british-business-bank.co.uk.

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