The document below contains important information about the Bounce Back Loan Scheme. You may want to save or print them so you can refer to them in the future.
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What is the Bounce Back Loan Scheme (BBLS)?
The Bounce Back Loan Scheme (BBLS) supported businesses by providing access to a source of alternative finance if you have been impacted by the coronavirus outbreak. The BBLS was designed to help you in circumstances where you wouldn’t normally have met our eligibility criteria.
Is BBLS backed by the government?
The BBLS is a government backed guarantee scheme, which allowed you to borrow money in these circumstances. The guarantee provided 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
What sort of businesses were eligible?
Almost all business sectors were eligible for BBLS. The following trades and organisations weren't eligible to apply: banks, building societies and insurers (but not insurance brokers); or the public sector including state funded primary and secondary schools.
What does ‘group’ mean in relation to BBLS?
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.
Can I request a top up or increase my Bounce Back Loan amount?
The Bounce Back Loan Scheme is now closed to new applications, including applications for top ups. Before 31 March 2021, if your business had 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, which is lower), your business may have been eligible to top up its existing Bounce Back Loan.
Please refer to our ‘Top up my existing Bounce Back Loan’ section for more information.
When will I start repaying my loan?
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.
How quickly will I get my loan?
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.
How will the BBLS scheme affect my existing loan?
If you had a CBILS loan with us, you would’ve needed to repay your existing CBILS loan in full in order to take out a BBL 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.
What are the consequences if I do not keep up with repayments?
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.
Can I apply for a Bounce Back Loan if I hold a Santander personal current account and not a business current account?
The Bounce Back Loan Scheme is now closed to new applications. Before 31 March 2021, you were able to apply for a Bounce Back Loan with a Santander personal current account that is used for business. You would have needed to provide us a copy of your full 2018/2019 self assessment tax return.
If you business hadn’t been trading long enough to be able to provide a 2018/19 tax return, we could 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 would also have needed additional information from you as part of the application process, this may mean that it took longer than normal to process your application.
Can I apply for a Bounce Back Loan if I am a Cater Allen business customer?
The Bounce Back Loan Scheme is now closed to new applications. Before 31 March 2021, Cater Allen business customers were able to apply for a Bounce Back Loan with Santander.
What other forms of government support are available for businesses?
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
Making a complaint
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.