The Bounce Back Loan Scheme (BBLS) is a new government scheme introduced to support businesses across the UK who are experiencing lost or deferred revenues as a result of the coronavirus pandemic, leading to disruptions in their cashflow. The scheme allows businesses to apply for borrowing between £2,000 and £50,000 (up to a maximum 25% of annual turnover).
If you’d like to borrow more than £50,000 you should consider the Coronavirus Business Interruption Loan Scheme.
The Bounce Back Loan Scheme is available to existing Co-operative Bank customers.
All sectors can apply excluding:
You can’t take out a Bounce Back Loan if you've already borrowed under the Coronavirus Business Interruption Loan Scheme (CBILS). However, if your CBILS loan is for £50,000 or under, you may be able to apply to refinance this into a Bounce Back Loan. Please contact us for more details.
With a straight forward application process and quick access to funds you can apply to borrow between £2,000 and £50,000 (up to a maximum 25% of annual turnover).
You don’t have to make any repayments for the first 12 months of the loan, and the Government covers the interest payments on your loan for the first 12 months.
The interest rate for this loan 2.5% per annum and the repayment term is 6 years from drawdown, with no early repayment charges
The Scheme offers the lender a 100% government guarantee but the borrower always remains 100% liable for the debt.
We won’t charge you any fees in connection with your Bounce Back Loan (including if you're in breach of your loan agreement) or default interest (although if you miss a repayment you will continue to owe interest on the amount of the loan outstanding).
You can repay your Bounce Back Loan at any time, and we won't charge you early repayment fees for doing so.
If you don’t repay your loan, we may disclose information about you and your account to credit reference agencies, which may negatively impact your ability to obtain credit in the future.
We could also require the loan amount, plus interest, to be paid back to us immediately.
If you take out a Bounce Bank Loan with us, we'll take into account your information needs and give you information in a way which is clear, fair and not misleading.
We'll provide you with the following information in relation to your Bounce Back Loan:
If you have a complaint regarding your Bounce Back Loan, please telephone us on +44(0)3457 213 213 Call charges or write to Customer Response, The Co-operative Bank plc, 2nd Floor, Balloon Street, Manchester, M60 4EP. We'll always do everything we can to resolve your complaint straight away. Where this isn't possible, we'll keep you informed of our progress until the complaint has been resolved.
If you're still unhappy with our response, you may be entitled to refer the complaint to the Financial Ombudsman Service, Exchange Tower, London E14 9SR or telephone +44(0)300 123 9123 or email: complaint.info@financial‑ombudsman.org.uk.
For more information visit: www.financial‑ombudsman.org.uk. The Financial Ombudsman Service is a free service set up to help resolve individual disputes between customers and businesses providing financial services in the United Kingdom.
We’re currently only accepting CBILS and BBLS applications from customers who have a personal or business current account with us. If The Co-operative Bank does not already provide your main business or personal current account please speak to your main bank or visit the British Business Bank for a list of accredited lending providers. We’re not currently able to process any CBILS or BBLS applications if you do not have a current account with us.
If you’re a personal current account customer and want to open a business current account to apply for CBILS or BBLS then you’ll be our key priority.
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