The Bounce Bank Loan (BBLS) application was made available to small businesses on Monday 4th May, but how fast can eager businesses expect to get their hands on this business-saving cash?
“I’d never have thought we’d be forced to take out a business loan, but sadly the time has come – income has stopped, and cash reserves will eventually run out. I am not leaving anything to chance any longer – we need help quick – so Bounce Back loan it is”, explains Jonathan Ratcliffe from commercial office agency Offices.co.uk
“The application process was straight-forward and after answering 5 fields of information such as company number, address, turnover, bank sort/account details and of course how much we needed to borrow – the loan was submitted”, says Ratcliffe
The Bounce Back loan is administrated by the small businesses bank, rather than the Government. Those businesses looking to take out the loan (of up to 25% of the businesses 2019 turnover, up to a maximum £50,000) should approach their bank directly.
“The day after our application with Santander, we received an email with a loan document to sign electronically”, explains Ratcliffe, “Two days after we signed the agreement, we had £28,000 appear in our bank account”.
The Bounce Back Loan timeline is simple enough:
- DAY 1: Apply for the loan via the bank who you keep a business current account with
- DAY 2: A loan document is sent via email, requiring a signature by electronic signature
- DAY 4: Loan money is sent to your bank account by BACS
“I’d personally like to praise the banks and the Government for making this the least complicated and most efficient process, at least with our bank Santander. I’ve heard bad stories from friends who bank with Barclays – errors, delays and they are still trying to get the application process started”, concludes Jonathan Ratcliffe from office agency Offices.co.uk