Tuesday, November 24, 2020

Bounce Back Loan Scheme top-ups open for eligible businesses

Participating lenders in the Bounce Back Loan Scheme (BBLS) are now able to offer smaller businesses across the UK a “top-up” to their existing loan if they originally borrowed less than the maximum amount available to them.

The Bounce Back Loan top-up will be available from several large lenders, with other lenders anticipated to make the top-up available in due course.

The top-ups are only available from a borrower’s existing BBLS lender.

A borrower can apply for a top-up that is for the lesser of £50,000 or 25% of the annual turnover the borrower certified in their original successful BBLS application form, minus the value of their original loan.

Under the Bounce Back Loan Scheme top-up, if a borrower had certified an annual turnover of £100,000 in their original application and taken a Bounce Back Loan of £20,000 (20% of that certified annual turnover), they can ask to borrow an additional £5,000 (5% of that certified annual turnover), taking their Bounce Back Loan to the maximum 25% of their originally certified annual turnover.

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