Supporting your business through
We understand our customers may be worried about the impact of coronavirus (COVID-19) and want to reassure you that we’re here to help you with any financial concerns you may have.
Our phone lines are extremely busy so please only call us if it is urgent and cannot be resolved using our online services or you feel vulnerable or are in a situation where you need help. We have introduced TSB Smart Agent to help answer your questions and quickly and efficiently as possible. You can find TSB Smart Agent on the contact page.
We are participating in both the Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme to support business customers who are impacted by the pandemic. To find out more about which type of borrowing may be more suitable for you please have a look at the comparison below and find out more at TSB CBILS or TSB BBLS.
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 4 November 2020, 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
The Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Bank Loan Scheme (BBLS) are 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. British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority.
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) - 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.
We’re here to help
At TSB, we are committed to supporting our business customers through this period of uncertainty.
If you need borrowing including cashflow support, to help your business through this difficult period, or would like to borrow under the CBILS please use our Overdraft Request Form to let us know what you need. A Relationship Manager will then be in touch by phone or email to progress your request.
If you are experiencing financial difficulty and need some help, there is some useful information on our Managing Debt page.
If you would like to apply for loan, we will require additional information and financials to be provided. 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.
Please help us help you.
We will continue to do our best to support you. But we’re currently busier than usual and our own Partners are impacted by coronavirus. Please follow these steps to help us help you.
2. Phone 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 do allow us extra time to answer when you contact us.
3. We are only offering essential services in branches at the moment. We’re keeping some of our branches open with reduced hours to help with essential banking needs. These include:
Help if you’re in need of additional support or are facing financial difficulty
Paying in cash or cheques
Taking out cash from an ATM or over the counter
Banks and building societies, just like retailers, are following the government’s guidance and introducing social distancing in our branches and at ATMs. Please do not visit one of our branches unless absolutely necessary.
4. 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
5. 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.
Post Office® is a registered trademark of Royal Mail.