Questions you may have about Bounce Back Loans
Bounce Back Loan (BBL) extension
The government has announced an extension for new loan applications to 30 November 2020, along with changes to existing government schemes.
We'll provide further details shortly, there's no need to contact us at this time
Changes announced by the government on 24 September
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 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 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’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 Who is eligible for a Bounce Back Loan?
You can apply for a Bounce Back Loan if you are a UK resident and your business:
- Is looking to borrow from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover)
- Is based in the UK
- Has been adversely impacted by coronavirus
- Was not an 'undertaking in difficulty' on 31 December 2019
- Has not already been approved for a Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan or the Bank of England's Covid Corporate Financing Facility
These business types will not be able to apply:
- Public-sector bodies
- State funded schools
Can financial institutions apply for a Bounce Back Loan?
There are no restrictions under the scheme rules relating to financial institutions applying for a Bounce Back Loan.
Broadly speaking, the term “financial institution” includes investment firms, alternative investment fund managers, structured finance vehicles, credit institutions, certain types of insurance companies, UCITS funds and financial holding companies. However, ring fenced banks are prohibited from entering into certain types of transactions with financial institutions.
Ring fenced banks include Barclays, Clydesdale Bank, Virgin Money, HSBC, Lloyds Bank, Bank of Scotland, NatWest, Royal Bank of Scotland, Coutts & Company, Ulster Bank, Santander and TSB Bank.
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 Can I increase the amount that I've requested through a Bounce Back Loan, after I've applied?
No, you'll only be able to apply for one loan through the Bounce Back scheme, and you won't be able to increase this once you've been approved. Carefully consider what funds you'll need before applying. You can apply for between £2,000 and £50,000 via a Bounce Back Loan.
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.
We are aware of scammers targeting NatWest 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. Can I still apply?
If you hold a personal current account and operate a business, you'll need to open a feeder account to enable a Bounce Back Loan application to be funded. This account will purely be used to facilitate your loan and will be free of any transaction charges.
To open the feeder 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 BBL and a business current account, can I move my business current account to another Bank?
Yes, you can switch your account without losing your BBL. However, you need a loan servicing account with us to facilitate your loan repayments. 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.