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Important note: WE ARE ONLY ABLE TO PROVIDE ADVICE ON THE BOUNCE BACK LOAN PROCESS TO EXISTING CLIENTS OF THP CHARTERED ACCOUNTANTS.

While many businesses and sole traders across the UK have managed to access government guaranteed Bounce Back Loans, it appears a sizable number have been locked out. The main problem is that many banks are refusing to handle Bounce Back Loans for non-customers. Annoyingly, many have also put a freeze on new business current account applications.

It’s a story that was picked up by the Guardian last week. While many businesses are desperate to apply for the 2.5% interest loans of up to £50,000, there were at that point only 8 accredited lenders. Of those, HSBC and RBS were accepting external applicants for Bounce Back Loans – but, now, RBS’s website suggests that you have to be ‘an existing business bank customer’.

As of today, there are 21 accredited Bounce Back Loan lenders. To help you find one who is willing to lend to non-customers, we’ve checked their websites to learn whether you need to be an account holder.

Bounce Back Loans for non-customers – who’s offering them?

Below is what we have discovered. However, we recommend you check the list of accredited lenders regularly – lenders may be added and existing ones may start allowing non-customers to apply or open accounts.

  • AIB. Open to existing customers.
  • Bank of Ireland UK. Open to customers with accounts opened on or before 4th
  • Bank of Scotland. Open to existing customers. Advises others to speak to their own main bank.
  • Barclays. Seems to be accepting new business account applications, but advises that they can take six weeks to process.
  • Clydesdale Bank. Unable to give new customers a timeframe for reviewing a BBL application.
  • Danske Bank. Existing customers only.
  • HSBC. Open to new customers who open a business bank account or ‘temporary feeder account’.
  • JCB Finance. Open to customers with an active finance agreement.
  • Lloyds Bank. Open to existing customers. Advises others to speak to their own main bank.
  • Metro Bank. Lending to existing customers. Potential customers need to have an in-store appointment to discuss opening a new account.
  • NatWest. Open to existing customers. Not currently accepting new account applications.
  • Paragon. Open to existing business customers only.
  • Santander. You need a Santander current account.
  • Skipton Business Finance. Open to new applications, BUT will only offer the scheme alongside an Invoice Finance facility.
  • Starling Bank. You need a business account. Sole trader current account applications are currently closed.
  • The Co-operative Bank. Only accepting applications for people who already have a Co-Op business or personal current account.
  • RBS. Open to existing customers. Not currently accepting new account applications.
  • Tide. You can register and join a waiting list.
  • TSB. Only accepting applications from existing TSB Business Current Account customers.
  • Ulster Bank. Open to existing customers. Not currently accepting new account applications.
  • Yorkshire Bank. Unable to give new customers a timeframe for reviewing a Bounce Back Loan application.

Remember – lenders may change their criteria

As you can see, there are lean pickings for non-customers. However, of the main lenders, HSBC seems best equipped to help – although there’s no guarantee that even they won’t close Bounce Back Loans for non-customers. So if you need a Bounce Back Loan and your current account provider can’t help, it may be wise to apply to another lender as soon as you can.

Do remember, lenders may change their policies at any time. With luck, other major business current providers – such as Nationwide – will offer Bounce Back Loans in due course. We’ll update you if things change.

Important note: WE ARE ONLY ABLE TO PROVIDE ADVICE ON THE BOUNCE BACK LOAN PROCESS TO EXISTING CLIENTS OF THP CHARTERED ACCOUNTANTS.

 

Avatar for Mark Boulter
About Mark Boulter

Mark Boulter is responsible for the efficient running of the firm’s infrastructure, and ensuring that THP delivers the best client service. Promoting the vision and culture across all branches, people are the key: “I like people who have a fresh approach and I’m happy for them to run with their ideas,” he says.

Communication across departments is crucial and Mark pioneers this. He ensure that people and departments not only talk to each other, but that they share ideas– whether they’re about marketing, finance, sales, strategy or any other topic that can result in us offering a better service. “I think helping to develop the next generation of THP people is essential to our success,” Mark adds. “We’ve a lot of talented people and our way of doing things increasingly attracts ambitious newcomers who are looking for a fresh approach. That’s good for us and even better news for our clients.”

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