The following information is only relevant to customers who already have a bounce back loan with TSB. You can find details about our Bounce Back Loan here.
The Bounce Back Loan Scheme has been extended to allow businesses with an existing Bounce Back Loan to request a top-up from the lender which provided them with their existing loan.
What is a Bounce Back Loan Top-up?
Bounce Back Loan Top-ups are for businesses impacted by Coronavirus (COVID-19) with an existing Bounce Back Loan. To apply there is a simple form to complete. There are no forward-looking tests of business viability or complex eligibility criteria to meet.
You will be responsible for repaying the full amount of the original Bounce Back Loan and the Top-up Loan, as well as interest on both loans from the anniversary of the opening date of the original Bounce Back Loan.
How much can a Top-up Loan be?
The total allowable loan amount of both the original loan and the Top-up Loan can be up to 25% of your original turnover declaration, up to a maximum of £50,000. For example, if your declared turnover is £100,000 that will allow you to apply to borrow up to a maximum of £25,000 as Bounce Back funding; if you have already taken a loan of £20,000 then you can apply for up to a further £5,000. And if, in this example, you have repaid £10,000 of the original £20,000 loan you will still only be able to apply to borrow up to £5,000 (not £15,000) as a Top-up Loan.
The minimum Top-up Loan amount is £1,000.
You must use the same turnover figure to calculate the value to maximum available top-up that you certified on your original successful application.
Can my business apply for a Top-up Loan?
We have now emailed everyone who we think is eligible for a Top-up Loan. If you believe you are eligible based on the qualifying criteria above and have not received an email, please contact us.
You may only have one Top-up Loan.
You must have a TSB business current account and a TSB Bounce Back Loan.
The Top-up Loan will closely match your original Bounce Back Loan
The new loan will be an additional loan, which will run alongside your existing Bounce Back Loan.
The Top-up Loan interest will be paid by the Government as state-aid only until the anniversary of the opening date of the first loan – we’ll let you know the details if you choose to apply for a new Top-up loan.
An interest rate of 2.5% per annum applies to the Top-up Loan. This is the same interest rate as your existing Bounce Back Loan.
Other terms are the same as for the first Bounce Back Loan.
Further information can be found in this guide to Bounce Back Loans produced by UK Finance - an industry body who represent the finance industry.
You can only receive one Bounce Back Loan and one Top-up Loan from the same lender 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 Bounce Back and one Top-up 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 and Top-up 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 cannot 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 31 January 2021. We will provide more information on request, and this will be subject to status.
If you do not repay your Bounce Back Loan or any Top-up 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:
We will send statements (at least annually), setting out details of payment transactions on your Bounce Bank Loan and any Top-up 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 and Top-up loan.
If you miss a repayment on your Bounce Back Loan or Top-up 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 Back Loan or Top-up 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 Back and Top-up 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 and Top-up 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 or any Top-up 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 or any Top-up 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 or any Top-up Loan is not repaid when due until such time as it is repaid).
Please complete the Bounce Back Loan Top-up 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 31 March 2021 (subject to status).
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
We will email you an access code if you are able to top-up your existing Bounce Back Loan. You will need the access code to apply.
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.
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.