Questions you may have about Bounce Back Loans
Questions about the Bounce Back Loan Top-Ups
Icon expand How much can I top up my Bounce Back Loan?
You can borrow up to an overall amount of £50,000 across the original Bounce Back Loan and the Top-Up combined. You won’t be able to borrow any more than 25% of your annual turnover (stated on your original Bounce Back Loan application). For example, if you originally were entitled to £50,000 but only applied for £40,000, you could apply for the remaining amount of £10,000. The minimum amount you can borrow for a Top-Up is £1000.
Icon expand What's the repayment term of my Top-Up?
The Top-Up term will end on the same date as the term of your original Bounce Back Loan.
Icon expand How long is the capital repayment holiday?
You don’t need to make capital repayments until the date that your repayment holiday on your existing Bounce Back Loan ends – 12 months after the initial draw-down of the original loan amount.
The government covers the interest on the Top-Up to the date where your original interest-free period on your existing Bounce Back Loan ends – 12 months after the initial draw-down of the original loan amount.
Icon expand What's the interest rate?
The interest rate on the Top-Up is 2.5%, the same as your existing Bounce Back Loan.
Icon expand How many times can I apply to top up?
You’re only able to apply for one Top-Up, so think about what funds you’re likely to need.
Icon expand I want to apply for a Top-Up, but I've forgotten the turnover amount I included in my original application
You will have entered your turnover in "Section 3 - Loan" of your original Bounce Back Loan application form.
To review this, you will require the CS ID, which was included in the email request to complete your application.
This email was sent from email@example.com and contained a link to complete and submit your documents online.
Icon expand What should I do if my turnover has changed?
Even if your annual turnover has changed since you made your original Bounce Back Loan application, you can only apply for a Top-Up of up to 25% of the turnover you stated on that original Bounce Back Application form.
A new turnover figure can’t be used or considered. This is a requirement set by the government as part of the Bounce Back Loan scheme and is not something we can change.
We’re experiencing high call volumes. Please avoid calling to check your application status. We’ll be in touch shortly.
Common questions about Bounce Back Loans applications
Icon expand I've not received any emails from you about my Bounce Back Loan. What should I do?
After you complete stage one of your application, we'll send you two emails.
The first is a confirmation of the submission. We'll send this from firstname.lastname@example.org. The second email contains your application reference, and a link to complete your documents online. This will be sent by email@example.com.
Ensure you check your junk or spam folder.
If you still haven't received these emails, it's possible that an incorrect email address was entered. If this is the case, you'll need to resubmit your application.
Icon expand I'm being asked for a unique passcode to access my documents. What is this?
To access your documents, you'll need to enter a unique passcode for additional security. We'll send this to the mobile number you provided. You'll be given the option to receive this as a text message, or via a voice call.
Icon expand I haven’t received a unique passcode. What should I do?
Check the phone number you supplied when submitting your initial application. This will be in the summary of your application, which you can find in the first email we sent you. We'll have sent this from firstname.lastname@example.org.
If this is incorrect, you'll need to resubmit your application. If it's correct, make sure you're connected to your mobile network. If it's still not come through, please get in touch.
Icon expand How do I find my application reference number?
After you complete the first stage of your application, we'll send you two emails.
The first is a confirmation of the submission, sent from email@example.com. The second email contains your application reference, and a link to complete and submit your documents online. This will be sent by firstname.lastname@example.org.
The application reference starts with 'CS'. Please keep a note of this reference, you'll need it to access your completed secure application documents later.
Icon expand I've completed my application. When will I receive the money?
Once you've signed your loan agreement and returned this to us online, we'll aim to send the funds to you within 3 working days.
Icon expand I have received notification that my business details do not match Companies House. What should I do?
During the application process the bank matches the information you provide with data from Companies House. Your company registered number AND business name must be EXACTLY the same (spelling, case, punctuation and spaces) in your application form as it appears at Companies House.
Please visit Companies House to review their records.
Your application has been declined as there was a mis-match. If you have recently made amendments to your business name you have two choices:
- You can re-apply in the 'old' business name (ahead of any amendments being reflected at Companies House) or;
- Wait until updates are complete at Companies House (which can take up to four weeks), and then reapply in the business name.
Icon expand When is the deadline for applying for a Bounce Back Loan?
The government has announced an extension to the Bounce Back Loan Scheme, until 31 March 2021.
Icon expand What are the changes to the BBL borrowing term?
There are no current changes to the Bounce Back Loan term of 6 years
We are working with the government to confirm how the announced option to extend the BBL loan tenor to 10 years in the future will happen and we will provide more information when it's available.
There's no need to contact us at present.
Icon expand Do the changes announced by the government impact the BBL interest rate?
There is no change to the 2.5% fixed interest rate.
Icon expand What are the changes to the BBL repayment holidays?
The government announced on 24 September 2020 new payment holiday provisions for Bounce Back Loans.
Customers can now take three capital repayment holidays over their loan term. In addition, one capital and interest repayment holiday will be available during their loan term.
We're working with the government to confirm details and will provide more information shortly.
There's no need to contact us at present.
We are aware of scammers targeting Ulster Bank customers via fraudulent calls regarding Bounce Back Loans. Remember we'll never ask you for your full PIN or your password, or to move money from your account.
Visit our business security centre to learn more about protecting your business during coronavirus.
Further information about Bounce Back Loans
Icon expand How do I apply for a Bounce Back Loan?
The quickest and easiest way for our existing business banking customers to apply for this loan type is via online application on our website.
If you're having trouble applying online, or need further assistance, please click ‘chat now’ on the right of the page for support.
However if you don't have access to fully complete an application on our website or via a mobile device please contact your Relationship Manager. If you don’t have a Relationship Manager please call Ulster Business Banking 0345 366 5592 who will be happy to help.
Icon expand What is the difference between a Bounce Back Loan and the Coronavirus Business Interruption Loan (CBILS)?
With a Bounce Back Loan, you can apply for lending from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover). It's offered over a fixed 6 year term, though there are no fees if you want to repay the loan early. The loan is 100% guaranteed to the lender by the government, with no personal guarantees needed, however the loan holder remains 100% responsible for the debt. You will need to self certify affordability.
The Bounce Back Loan Scheme is provided through a government scheme and does not benefit from the same level of consumer protection as our other loans. If you are in any doubt about whether this loan is right for you, you should take legal advice.
Under CBILS, you can apply to borrow between £50,001 and £5m over a term of up to 6 years. No early repayment fees apply. The government guarantees 80% of the loan to the lender however the loan holder remains 100% responsible for the debt and security may be required. Loans are subject to the Bank's affordability criteria.
Both offer an initial 12 month repayment holiday (this may mean you pay more interest over the term).
Icon expand Can I switch my CBILS loan into the Bounce Back Loan Scheme?
If you’ve been approved for up to £50,000 under CBILS, we will be in touch with you about switching to the Bounce Back Loan scheme.
You don’t need to do anything at this time and we’ll be in touch soon.
Icon expand I have already applied for a loan under CBILS but am waiting for a response from the bank. What do I do?
If you've been approved for up to £50,000 under CBILS, we'll get in touch with you about switching to the Bounce Back Loan scheme.
Icon expand I run my business through a personal account with Ulster Bank. Can I still apply?
If you hold a personal current account with Ulster Bank and operate a business through it - you can apply for a Bounce Back Loan by using a fee-free loan servicing account. A fee-free Loan Servicing Account is not a Business Current Account. This account will purely be used to facilitate your loan and will be free of any transaction charges.
To open the loan servicing account, apply for a Bounce Back Loan. You’ll be guided to open a loan servicing account. We'll prioritise your application for this account. Once open, you then need to apply for a Bounce Back Loan.
To help us process your request as quickly as possible, record in business description comments that your application is for BBLS Feeder.
Icon expand Can I apply for a Bounce Back Loan if I am a new customer?
With unprecedented demand we're currently prioritising existing customers. Bounce Back Loans are available to existing Ulster Bank customers on or before 4 May 2020. If you opened an Ulster Bank Business bank account after this date, you will not be able to apply for a Bounce Back Loan with us.
To access a Bounce Back Loan, please contact your current bank. If they are unable to assist, a list of accredited providers is also available on the British Business Bank website.
Icon expand Can I apply for a Bounce Back Loan if I have a foundation account?
Yes, simply proceed through the normal application process.
Icon expand If I have a Bounce Back Loan and a business current account with Ulster Bank, can I move my business current account to another Bank?
You are able to switch your Business Current Account to another provider while retaining your Bounce Back Loan with us.
Icon expand Can I switch my business banking to another Bank whilst retaining my Bounce Back Loan with Ulster Bank?
You are able to use another provider to manage your business banking while retaining your Bounce Back Loan with us.