What you get
- Straightforward application with quick access 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. fixed for the full length of the loan
- Loan amount from £2,000 up to £50,000 or 25% of your annual turnover, whichever is lower
- No repayments required for the first 12 months
- 6-year loan with no early repayment charges
Eligibility
- You have a Santander or Cater Allen current account opened before March 01 2020
- You’re a UK-based business that has been impacted by Covid-19
- You haven’t already applied for or received a Bounce Back Loan (BBL) for your business, or for another business in your group (35 KB)
- Full eligibility details are included within the online application process
- You don’t already have a CBILS, CLBILS or CCFF unless you’re refinancing it in full by taking this BBLS. We'll contact you afterwards if this applies to you
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)
Repayment example
- Representative 2.5% APR
Loan amount £25,000
Interest rate 2.5% (fixed) p.a.
- Term 72 months
First monthly repayment £469.75
Total amount repayable £27,215.81
The total amount repayable over the term of the loan includes the Business Interruption Payment
Things to remember
- The maximum loan size under BBLS is £50,000.
- Under the rules of BBLS, personal guarantees to support a company’s BBLS loan obligations (if you are applying on behalf of a company) will not be taken by us.
- You can use our online chat for any questions you might have. Simply click on the red ‘Chat with us’ area on the right-hand side of our website pages.
You will need the following information to apply for a loan from the Bounce Back Loan Scheme (BBLS):
- 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
Please enter the information as it appears on your statements. It’s important you do this otherwise we may not be able to process your application.
If you’re a sole trader applying for a Bounce Back Loan but have a Santander personal current account which you use for your business, you’ll need to provide us a copy of your full 2018/19 self-assessment tax return. If your business hasn’t been trading long enough to be able to provide a tax return we can accept alternative documents such as a third party invoice which has been paid from your account within the last 60 days, addressed to you and your business or regulatory licence. These applications will take longer to process. Take a look at the ‘Other account information’ section to learn more.
You can’t use your personal current account to apply for a Bounce Back Loan if you’re a limited company or partnership.
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 won’t be accepted.
Full details will be provided as part of the application process.
Please note: Any BBL applications received after 7pm will be accepted, but not processed until 9am the next day.
You will not need to make any payments for the first 12 months, however, you can repay the loan at any time.
The table below shows illustrative costs for a Bounce Back Loan.
| Loan amount | £5,000 | £10,000 | £15,000 | £20,000 | £30,000 | £40,000 | £50,000 |
|---|---|---|---|---|---|---|---|
| First monthly payment (at month 13) | £93.95 | £187.90 | £281.85 | £375.80 | £563.70 | £751.60 | £939.49 |
| Total amount repayable over the term of the loan | £5,443.18 | £10,886.32 | £16,329.50 | £21,772.71 | £32,658.98 | £43,545.27 | £54,431.60 |
The total amount repayable over the term of the loan includes the Business Interruption Payment.
Your monthly repayments will reduce over time as you repay the capital balance.
A Business Interruption Payment (BIP) is the amount the government pays in the first year to cover your interest.
| Loan amount | £5,000 | £10,000 | £15,000 | £20,000 | £30,000 | £40,000 | £50,000 |
|---|---|---|---|---|---|---|---|
| Business Interruption Payment (BIP) | £125.01 | £249.99 | £375.00 | £500.05 | £749.99 | £999.98 | £1,249.97 |
There are no arrangement fees for setting up a Bounce Back Loan.
Early repayment charges don’t apply.
We recommend reading the information in the document below before you apply. You may like to save or print them so you can refer to them in the future.
To view these documents, you may need to download Adobe Reader
While you don’t 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.
If you require a business loan over £50,000, please visit Corporate and Commercial Banking
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. The BBLS is designed to help you in circumstances where you wouldn’t normally meet our eligibility criteria.
The BBLS is a government backed guarantee scheme, which may allow you to borrow money in these circumstances. The guarantee provides Santander with a full guarantee, should you fail to repay the loan following a demand by Santander. The provision by the UK Government of this support does not imply any endorsement or warranty of Santander from the Secretary of State for Business, Energy and Industrial Strategy or the UK Government.
You will always remain responsible for repayment of the whole (ie.100%) of the debt
Almost all business sectors are eligible for BBLS. 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.
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.
If your business has already opened a Bounce Back Loan with us and didn’t borrow the full amount available (either £50,000 or 25% of the annual turnover as stated in the original application, whichever is lower), your business may be eligible to top up its existing Bounce Back Loan.
Please refer to our ‘Top up my existing Bounce Back Loan’ section for more information.
The Government will be covering interest payments for the first 12 months.
You won’t 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). Your monthly repayments will be made up of capital and interest payable.
You can repay the loan at any time.
For most customers we’ll send you an email (usually within 24hrs) containing documents you need to sign and return to us digitally. Please ensure that you check your junk or spam folders. Once we’ve received your signed documents we’ll send your loan money to your Santander account as soon as we've complete our final checks.
If you already have a CBILS loan with us you will need to repay your existing CBILS loan in full by taking this BBLS loan.
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.
If you miss a BBLS Loan payment we will record the details with a credit reference agency which could damage your credit rating and may make it more difficult for you to obtain credit in the future. 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.
We’re 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. This means that we are not currently accepting new applications for Business Current Accounts, but we will review this position over the coming weeks and further details will be available on our website.
Yes, you can apply for a Bounce Back Loan if you have a Santander personal current account that you use for business. You’ll need to provide us a copy of your full 2018/19 self assessment tax return.
If your business hasn’t been trading long enough to be able to provide a 2018/19 tax return, we can accept other documents such as:
- Proof of trading address.
- Proof of the nature of your business such as:
- A third party invoice which has been paid from your account within the last 60 days addressed to you and your business
- A current insurance schedule certificate related to your business or regulatory licence e.g. taxi or Food Standards Agency registration document.
For applications using a Santander personal current account we’ll also need additional information from you as part of the application process, this may mean that it takes longer than normal to process your application.
Yes, you can apply for a Bounce Back Loan with Santander if you are a Cater Allen business customer, please note that the timescales may be slightly longer due to additional processing required.
The Government has launched a range of support measures to help support businesses through the disruption caused by coronavirus including;
- A statutory sick pay relief package for small businesses.
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England.
- 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
Please refer to a summary of Government support (217 KB) or the Government support website for full details.
The Bounce Bank Loan Scheme (BBLS) is 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 (BEIS). 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). Full details on BBLS and the list of participating lenders can be found on the British Business Bank website: www.british-business-bank.co.uk
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.
If your business has already opened a Bounce Back Loan with us, and you didn’t borrow the full amount available, you may be eligible to apply for a Bounce Back Loan Scheme (BBLS) Top-up.
Your business may be eligible for a BBLS Top-up if it meets all of the following criteria. Your business must:
- Have an existing Bounce Back Loan open with Santander.
- Have a Santander Business, Personal or Cater Allen account that is open.
- 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). The rules of BBLS state that under no circumstances can you amend or increase the turnover that you stated on your original application.
- Have not already applied for a BBLS Top-up. (Your business can only apply for a BBLS Top-up once).
- Your business wants to apply for a BBLS Top-up of at least £1,000 (if this amount is available to your business). Applications must be made for multiples of £1,000.
- Be the same type of entity as it was when your Bounce Back Loan was first taken out and your business has not changed how you trade.
If your business has already made a partial repayment of your BBL the total amount of the BBLS Top-up and original loan can’t exceed the maximum of £50,000 or 25% of the annual turnover that you provided in your original application, whichever is lower).
Please read our dedicated Bounce Back Loan Top-up Frequently Asked Questions below before applying for a top up.
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.
To support you in completing your application for a BBLS Top-up, please have the loan agreement for your original BBL to hand. Your top up request must not take your total BBL to greater of 25% of your turnover, as stated in your original application, or the cap of £50,000.
As part of the BBLS Top-up, the Government is offering a Business Interruption Payment which will cover your interest payments up until the expiry of the interest-free period on your original Bounce Back Loan (that is,12 months from the initial draw-down date of your original Bounce Back Loan).
For example, if you opened your original BBL on 1 June 2020, and you open a BBLS Top-up on 1 December 2020, you’ll begin to make repayments for the total amount of Bounce Back Loan (sum of the original BBL plus BBLS Top-up) you’ve taken from 1 June 2021.
You can repay your loan at any time.
No, once you’ve opened a BBLS Top-up, you’ll be required to make your repayments at the same time as your Original BBL repayments are due, via a single monthly Direct Debit.
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. If you’ve already taken the maximum available to you we will confirm this to you at the end of the application process.
Please click the ‘Apply for a Top-up’ button at the bottom of this page.
If your business is eligible for a top up but you request an amount higher than the maximum available, we will confirm this after you submit the application. We will only offer the maximum amount your business is eligible for under the BBLS scheme rules and will confirm this figure to you in the loan agreement. You can choose to accept or decline this reduced figure.
For most customers we’ll send you an email (usually within 24hrs) containing documents you need to sign and return to us digitally. Please check your junk or spam folders. Once we’ve received your signed documents we’ll send you the additional [top-up] amount of your loan into the same account that we paid your original BBL.
Once you’ve 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. A single Direct Debit will be taken after 12 months to collect total payments due.
To be eligible for a top up, your business must have a Santander or Cater Allen account that is open.
You must have taken your original BBL with Santander to be eligible for a top up with us.
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