The deadline for applying for a BBLS loan was 31 March 2021. Therefore, the scheme is now closed to new applications.
The Bounce Back Loan Scheme (BBLS) was a government scheme to support UK businesses experiencing lost or deferred revenues as a result of the coronavirus pandemic, leading to cashflow disruption.
You won’t pay any fees or interest for the first 12 months. After 12 months the interest rate will be 2.5% per year.
We won’t charge you any default interest in connection with your Bounce Back Loan, even if you breach your loan agreement, but if you miss a repayment you will continue to owe interest on the amount of the loan outstanding.
The repayment term is 6 years from drawdown, with no early repayment charges
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.
The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.
In order to complete a full early settlement, we require a letter signed in accordance with the account mandate to be emailed to email@example.com or to be posted in for the attention of Relationship Support to:
3rd Floor Balloon Street
For partial early settlements you can make a transfer to your loan account via online banking* at any time, over the phone via the telephony team on 03457 213 213 (call charges) or by sending a letter signed in accordance with the account mandate to be emailed to firstname.lastname@example.org. Alternatively you can post this for the attention of Relationship Support to the above address.
You can also overpay your loan by setting up a regular standing order for additional payments online*, over the phone or in writing as detailed above.
For each of these options, there is no early repayment fee.
*You will need your loan account sort code and account number in order to do this, if you do not have this information available you can request this via the telephony team on 03457 213 213 (call charges).
If you've taken 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.
Important documents for customers who have opened a BBLS loan.
Now the bounce back loan scheme has closed, we're no longer accepting applications but you may still be able to apply for our usual lending products.
Calls to 0800 and 0808 numbers are free from landlines and mobiles. Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company's access charge. Calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company's access charge. Charges for calls made outside of the UK will be determined by your local provider.
Calls may be monitored or recorded for security and training purposes.