Support for Business customers
We understand businesses may be worried about the impact of coronavirus (COVID-19). We want to reassure our business banking customers that we’re here to help you with any financial concerns you may have.
We are participating in both the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) to support business customers who are impacted by the pandemic. It is important to know that we’re currently unable to accept new applications for either of these schemes from new customers.
For CBILS we are only able to support TSB Business Current Account customers who have had an account with us before 23 March 2020 – only qualifying existing business account customers will be able to apply for a CBILS overdraft. CBILS will close to applications on 31 January 2021. Visit TSB CBILS to find out more.
For BBLS we are only able to provide support if you are an existing TSB Business or Personal Current Account customer, your TSB account was open by 11 May 2020, you were using the account for your day-to-day business banking needs and you meet the scheme eligibility criteria explained on our BBLS page. This scheme will close to applications on 31 January 2021. Find out more on our BBLS page here.
You are not able to have both a CBILS overdraft and a Bounce Back Loan at the same time, and you cannot have more than one Bounce Bank Loan. But you may be able to transfer your CBILS overdraft to a BBL until 31 January 2021, we will provide more information in due course, and will be subject to status.
We are expecting the Bounce Back Loan Scheme to be extremely popular and we will process your application as soon as we possibly can, but please bear with us during this extremely busy time.
Coronavirus Business Interruption Loan Scheme (CBILS)
Due to changes by the Government with the introduction of the Bounce Back Loan Scheme, we are now only able to accept applications for overdrafts from £50,001 up to £250,000 under the Coronavirus Business Interruption Loan Scheme (CBILS). Any request below this amount will need to be made via a Bounce Back Loan application. Nothing to pay for the first 12 months. To apply for a CBILS overdraft please complete our Overdraft Request Form.
For overdrafts taken out from 23 March to 21 April, we will refund or waive the fees and interest charged up to the end of May. Customers who are eligible will have the option to transfer their existing overdraft to CBILS or BBLS, we will be in contact to advise what to do.
Bounce Back Loan Scheme (BBLS)
We are offering Bounce Back Loans from £2,000 up to £50,000 (up to 25% of business turnover) for small businesses impacted by coronavirus.
Nothing to pay for the first 12 months
Loan repayment term of six years. Early repayment is permitted at any stage without early repayment fees
Fixed Rate of 2.5% per annum after the first 12 months
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 CBILS/BBLS and the list of participating lenders can be found on the British Business Bank website at british-business-bank.co.uk.
If you are worried about a financial impact on your business, please get in touch
We have a range of options in place that could help, depending on your circumstances, including:
Bounce Back Loans. Borrow from £2,000 up to £50,000 with nothing to pay for 12 months.
Overdrafts (subject to status) - an overdraft could help you manage your cashflow. We are able to offer overdrafts under CBILS.
Term Loans (subject to status) - If you would like to apply for a loan, we will need you to provide more information. We can offer repayment holidays for new loans. Just remember if you take a repayment holiday you will pay more interest overall. If you are worried about meeting payments on an existing loan, please get in touch. Please note that we are not currently offering Term Loans under the Coronavirus Business Interruption Loan Scheme. If you need a government backed term loan we are offering this through the Bounce Back Loan only.
We can waive our standard arrangement fee on overdrafts, term loans and any credit limit increases or renewals if your business is impacted by Coronavirus.
If you are in financial difficulty, we can offer bespoke support in helping you manage your debt.
The government has announced a range of measures to help support businesses through this period.
For more information on what this means for your business please visit the government website.
Different ways for you to bank
We want to make it as easy as possible for you to bank with us in a way that suits your business.
Please check the options below and if you’re not already registered to use mobile, internet or telephone banking we’d encourage you to set this up, so you can continue to access your banking for your business 24/7.
2. Telephone support for those most in need. If you're unable to find a solution online, you feel vulnerable or are in a situation where you need help today, then please contact us.
3. Use our new online chat service. This is our new secure way of answering your questions online - an automated service available 24/7 on tsb.co.uk, with dedicated advisors from 9am- 4.30pm weekdays excluding bank holidays. Just click the blue ‘Need help? Chat to us’ button on the right-hand side of this page to get started.
4. For help at your local branch. If you need to visit a branch in person please use the branch locator to check the opening hours before you set out. We’re following the latest government guidance and continue to apply social distancing in our branches.
5. You can also use your local Post Office® branch to pay in cash and cheques. For more information on branches and services available visit postoffice.co.uk/tsb-bank
Post Office® is a registered trademark of Royal Mail.
6. Support from friends or family. If you don’t have access to digital devices and are worried about not being able to access a branch, please call your branch and they’ll talk you through the process of setting up access for your friends or family.
Face coverings in our branches.
We’re following the latest government rules and we ask that you please wear a face covering in our branches. We appreciate there will be circumstances when this isn’t possible, and we’ll be mindful of when this happens. For example, you may not be able to wear a face covering due to a physical or mental illness, impairment or disability. Similarly, if you need one of our Partners to temporarily remove their face covering to help you communicate with them, we can do so. We may also ask you to temporarily remove your face covering for ID purposes.
For further guidance, please visit the government’s information pages on face coverings (UK, Scotland, Wales).
Enterprise Nation keeps small businesses updated with the latest Government moves and support schemes as well as advice from renowned industry experts and pioneers. TSB business customers can also sign up to have questions answered by experts within 24 hours on how to keep trading through the epidemic.