Bounce Back Loans: The fastest path to SME cash
Yesterday the Bounce Back Loan Scheme went live after being first announced a week ago. Alex Falcon Huerta recounts her clients’ experience in claiming the loan, with the first funds being paid in under seven hours of application.
You might also be interested in
Replies (30)
Please login or register to join the discussion.
They seem to have gone for "splash the cash, and worry about fraud later"
£50k? No problem sir, just self certify here. Remember to pay it back wont you now sir....sir? [Sir already run off with the cash]
£575 furlough claim? Be-gone, rules is rules evil company director on annual scheme!
We applied for BBLS with Lloyds bank Monday morning around 9 AM and got automated email reply "Bounce Back Loan Scheme Facility Letter". The email starts with saying (We are pleased to offer you a loan, subject to checks we are required to perform, on the date and on the terms and conditions set out below and in the application form).
I have spoken to the business banking today at Lloyds bank more than once and each time I am given a different answer. One told me it will take few business days up to 5 working days to hear from the bank and another said 5-7 working days. They said to wait for email to confirm the loan agreement which has to be sent back by secure email and again have to wait for 2-3 days for their digital banking team to deposit the money into the bank.
I am really confused as the another is saying customers with Santander bank are getting paid same day with seven hours and the Evening Standard mentioning about giving out loans already to their clients.
"Lloyds Banking Group on Tuesday said 32,000 business customers had received 'Bounce Back' loans since the scheme started this week, totalling £1 billion"
https://www.standard.co.uk/business/lloyds-bank-lends-1-billion-of-bounc...
Have I been given wrong information or has something gone wrong with our application? The customer services at Lloyds are totally useless.
Anyone here has any experience with Lloyds bank or can give me any insight of what to do next or who to contact to deal with our BBLS application for our limited company.
Many thanks
Hi Alex, thank you for the article!
I’m in the exact same boat with Lloyd’s as the person above.
Would you be able to drop me a message what any relevant information/advice also.
Many thanks
Keith
can you dm me as well pls got the same problem with Royal bank of scotland got an email saying
We are pleased to offer you a loan, subject to checks we are required to perform, on the date and on the terms and conditions set out below and in the application form.
what happens next ?
Unusually for Lloyds, they have got their finger out, I applied Tuesday and when I checked the bank this morning, it was there. Quelle surprise...….
Yep, I applied with Lloyds (existing business customer) on the 4th May, and the money was in the account by close of play same day. Fingers crossed its sorted for your shortly.
hello how are you? I got the same email wanted to know how long did it eventually take you to get the money ?
I applied for a loan with santander first thing monday morning, as yet I have heard nothing back. I was wondering what I should do. Reading everyone saying how quick and efficient santander this has left myself feeling quite concerned about my own application
No luck with my claim ! .
Have CURRENTLY been on hold for 58 minutes with Barclays, getting nowhere fast !
Those who have been paid are lucky. I got a message when applying to Barclays saying that our money laundering documents are not up to date .... Well I have no idea what this is about our business accounts have been with them in excess of 15 years and it has the mortgage on our home.
Not suprised Barclays are on catch up it seems to be unable to deal with any personal contact ie phone, email or chat.
About the same as normal
I have had the same problem with Barclays Paul. Their records of my business didn't match the Companies House records (their error) and therefore the loan application screen diverted to a 'call your bank manager' message. They fixed the error locally very quickly, but it takes several days to 'work through the system' apparently (they must have a slower breed of electrons than everyone else!).
Got client who is an IFA. Now cash no problem but next three months could well be testing. We decided to apply for the loan. Got it straight away. This was with Nat West. Perhaps some banks operate differently.
Our thinking behind claiming was that in the first 12 months there is no cost and if it's not needed there is no penalty on repaying early. For companies that are sound then go for it. Really it's not for companies that were struggling anyway (maybe that's why banks are taking a bit more time over some cases) because it will lead to even more problems.
I have had applications that were lodged with Lloyds on Monday morning paid by Tuesday lunchtime , for another client we lodged Monday morning with Yorkshire bank and have had 2 generic texts since to say they are inundated.
Can anyone advise on who to approach if the Business doesnt bank with one of these providers? Im aware that the challengers/fintechs are waiting in the wings but there are companies that need ti apply today
Filed claims with HSBC on Monday but nothing received. Tried to file another one for another company with Natwest yesterday and received their initial email acknowledging our request but only received the second email allowing us to apply overnight. Not expecting anything for a bit but have been deeply unimpressed by HSBC during this whole disaster and once this is over we'll be looking elsewhere.
Wonder if the benefit of Santander is that they're a Spanish bank so not beholden to our HMRC....
Although Santander is a Spanish bank. The UK Santander is a UK based bank and is beholden to our HMRC.
Well HSBC is another story.
Applied Monday p.m. (they were late making the online application available). Completed the form which insisted you put a signature in using your mouse (really!?) and submitted.
As of now not even an acknowledgement.
Phoned the Covid support helpline and all they could tell me is that their team is working hard in the background. Really helpful - not!
Not holding my breath. Will wait till Monday then another bank.
A client of mine applied Tuesday at Lloyds and they have the funds. Horses for courses. Note from other OP's that not the only one with HSBC issues.
Exactly the same story for the clients I have had who have applied to HSBC- applications filed Monday but nothing heard since.
Yep, HSBC were only just getting around to responding to CBILS loan applications from beginning of April last week. On Monday they phoned some to say 'change your loan to a BBL as it will be quicker and easier to get the funds'. Since then, radio silence.....
Thanks Alex-Excellent Article. Barclays still shambolic I'm afraid-6 goes twice a day so far -error message comes up every time!
What in the world does this mean:
"The funds from the BBLS is to ensure business continuity. These are extreme emergency measures provided by the government. Where there is an alternative agenda for the use of funds, HMRC may raise an inspection at a later stage".
Where is this documented and more to the point, how is that enforced when:
"There are no real guidelines on how the funds are to be used".
I'd be interested to be pointed to the part where HMRC has any jurisdiction over the application of the loans at all?
Thank you for this article, it's very helpful to hear the way the different banks are performing. I have read as much information on the loans as I can find and I can see it is for SME's, however I cannot find any reference to groups. If several small companies are part of a medium sized group, can each company (assuming that they qualify under other criteria) apply for this loan, so within the group there may be several bounce back loans of £50,000, but only one per company? I cannot see any reference to groups at all, which makes me think that each company in its' own right can apply. In this particular case, the companies within the group have all been severely affected by the current situation as they have lost all source of income and still have reasonably high levels of cost, therefore these loans would make a significant difference.