How to apply for a Coronavirus Business Bounce Back Loan Scheme Loan - update which banks + process

As promised here is the third update video on How to apply for a Coronavirus BOUNCE BACK LOAN SCHEME
In this video I will update you what you need to get ready for tomorrows application process on How to apply for a Coronavirus BOUNCE BACK LOAN SCHEME.
Also 3 NEW forms of grant or funding just announced.
Thank you so much for your feedback, comments and sharing the previous videos with your friends who are business owners on How to Apply for a Coronavirus Business Bounce Back Loan Scheme. I am not going to repeat previous content in this video – if you missed those 2 detailed videos here is a link to the first youtu.be/ITJ80S4qCe4 and second video youtu.be/WellXgxNwpE – I will release another video tomorrow morning - Monday to talk you through any extra tips when completing your application – if you hit subscribe YouTube will update you when that video goes live
WHO IS ELIGIBLE
Your business must:
- Be UK-based in its business activity
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Self-certify that you have been adversely impacted by the coronavirus (COVID-19)
- Not have been classed as a “business in difficulty” on 31 December 2019, if applying to borrow £30,000 or more
Lenders will need further information to confirm eligibility. All lending decisions remain fully delegated to the 50+ accredited lenders.

WHAT LENDERS WILL NEED FROM YOU
Now I have just visited every approved lenders websites and the government sites and all say criteria available tomorrow 9am. As I used to work for a bank typically I have an idea of what they will ask for and I will give a short reasoning on each item

DETAILS OF THE LOAN APPLICATION PROCESS
- The amount you would like to borrow – work out your last year’s turnover and this year’s forecast turnover. Then divide by 4 to work out the maximum you could apply for. NOTE the maximum loan will be £50,000 even if your turnover exceeds £200,000
- What the money is for – in this instance I don’t think this will be asked for, WHY I hear you ask? Because Rishi Sunak has stated that the application will be 2 sides of A4. HOWEVER, prepare yourself a simple short paragraph just in case.
- The period over which you will make the repayments — the lender will assess whether the loan is affordable for you based on your turnover. The minimum period will be 12 months at 0% maximum 72 months with 13 to 72 months at 2.5% fixed. I will be applying for the maximum term as this is very cheap finance and my business needs in 3 or 5 years time may mean I want more finance and I predict I will not be able to borrow that cheaply.
- Your application must be for business purposes and the business must have been adversely impacted by the Coronavirus (COVID-19) – prepare a one line statement how your business has been affected – Has your Turnover fallen, Have costs gone up, have your suppliers restricted or delayed deliveries, are you managing with less staff due to social distancing
- Your BBLS – Business Bounce Back Loan Scheme Loan will back will be used to support a UK business
- You are a UK based
- You wish to borrow up from £2,000 to a maximum of £50,000.

WHAT SUPPORTING DOCUMENTS MIGHT I NEED TO SUPPLY
You may need to provide certain documents when you apply for a BBLS loan. These are likely to vary from lender to lender, but could include:
- Management accounts – a cash flow statement, profit and loss and a balance sheet
- Business plan – what your business does and its niche
- Historic accounts – should be available from your accountant
- Details of assets – this may be required to declare key company assets which may be required a security. NO personal assets should be requested as no PG is required.

WHAT CAN I EXPECT FROM THE LENDER
The lender has the authority to decide whether to offer you finance.
Under the scheme, lenders will not take personal guarantees
If one lender turns you down, you can still approach other lenders

WHAT LENDERS ARE OFFERING LOANS
I have reviewed the list of 50 lenders and simplified it down to just those offering unconditional loans – IE you don’t have to have asset finance or invoice discounting activities with them.
Bank of Scotland
Co-op
Starling
Metro
AIB – Allied Irish Bank
Bank of Ireland UK
Barclays
Clydesdale
Yorkshire
Danske Bank NI
Funding Circle
HSBC
Lloyds
Natwest
TSB
Royal Bank of Scotland
Santander
Paragon
Business Enterprise Fund

OTHER BUSINESS FINANCE SUPPORT OPTIONS
CBILs – Coronavirus business interruption loan scheme loans for £50,001 upwards to £5m
Top up Local Government grant scheme Businesses that didn’t qualify can apply to the local council for access to additional funding they have for a grant up to £10,000
BID support – Business Improvement districts have been allocated an additional £6.1m to boost