The Bounce Back Loan Scheme (BBLS) is a government scheme to support UK businesses experiencing lost or deferred revenues as a result of the coronavirus pandemic, leading to cashflow disruption.
BBLS allows businesses to borrow between £2,000 and up to 25% of your annual turnover. The maximum loan available is £50,000.
If you need to borrow more than £50,000, consider the Coronavirus Business Interruption Loan Scheme (CBILS)
BBLS loans are available to existing Co-operative Bank customers only.
All sectors can apply excluding:
Your business cannot apply under the Bounce Back Loan Scheme (BBLS) if it has taken out a loan under the Coronavirus Business Interruption Loan Scheme (CBILS). However, if your CBILS loan is for £50,000 or less, you may be able to apply to refinance this into a Bounce Back Loan.
Our personal current account customers are eligible to apply under the BBLS but must open a business current account with us first.
We only accept BBLS applications from customers who already have a business current account with us. If you don’t already bank with us, you can apply with your bank or visit the British Business Bank for a list of accredited lending providers.
You could borrow between £2,000 and up to 25% of your annual turnover. The maximum loan available is £50,000.
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.
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.
To apply, you and all key parties must:
Your business or charity must:
Your application is subject to status and eligibility. Terms and conditions apply.
We're currently only accepting Bounce Back Loan applications from customers who had a personal or business current account open with us as of 6 July 2020. 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 Bounce Back Loan applications if you do not have a current account with us.
If you are a business current account customer with us, complete the application form.
If you have a Relationship Manager, please contact them before applying.
Complete the form on a desktop or laptop if you can.
We only require one signatory to sign to progress this application. We'll ask you to sign any offer in accordance with your account mandate.
We aim to give you a decision within 2 working days of all the information being processed.
Occasionally, we may require additional information depending on your circumstances.
You must read these important documents and save a copy for future reference.
If you’re not eligible for the Bounce Back Loan you may still be able to apply for our usual lending products or products in the Coronavirus Business Interruption Loan Scheme.
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.