November 3rd, 2020.


Despite the Bounce Back Loan scheme being extended until the end of January, no high-street banks say they are open to new BBL applications.

As of yesterday (November 3rd), Starling Bank remains the only accredited lender of 28 that is open to bounce back loan applications from those who bank elsewhere.

However, a spokesman told SmallBusiness.co.uk: “There is currently a waitlist and we are prioritising established business and sole traders who use Starling as their primary account. Eligible customers will be sent an email inviting them to apply, but we can’t guarantee that everyone on the waitlist will receive a loan.”

All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses ‘are effectively locked out of the market’, given they do not bank with accredited lenders.

Kevin Hollinrake, the Conservative MP and co-chair of the APPGFG, told SmallBusiness.co.uk: “We welcome the extension to Bounce Back Loans (BBLS) and the ability to top up, but it is critical that banks are open for new business including from new customers.


For the full story at smallbusiness.co.uk CLICK HERE.