Top-Up Application: Bounce Back Loans Scheme (BBLS) with HSBC
There have been some changes to the Bounce Back Loan scheme that may enable customers to access additional funds.
If you applied for a BBL for less than 25% of your turnover, you’re now permitted to apply for the remaining amount via a ‘top-up’ up to a maximum total loan value (including the 'top-up') of £50,000. Please note that the turnover used to calculate whether you can take a ‘top-up’ is the turnover you self-certified at the time of your original BBL application.
Applications for a ‘top-up’ must be made before 31 January 2021. The upper limit for a BBL loan remains £50,000 and the minimum limit for a top-up loan is £1,000. Any ‘top-up’ to your existing BBL will result in increased borrowing, repayments and interest amounts at the point your repayments commence (due to the balance of your loan increasing). Please note that the initial period for all BBL is six years, in line with the terms and conditions set out by the British Business Bank.
The decision to take on any borrowing for your business is an important one. Before you decide whether to apply, we would encourage you to seek advice and carefully consider you needs and the impact of taking on additional borrowing, for you and your business, including the costs associated with repaying the increased loan.
The HSBC Bounce Back Loans Scheme is one of a number of different options that could support you with your needs at this time.
There may be other options available to you which are more suitable for your borrowing or cash-flow needs. This could include, for example, an alternative lending product, considering repayment holidays on existing debt or exploring other government grants/schemes available. You should consider your options carefully before applying for this loan.
Please review our full range of products at hsbc.co.uk and other types of support at HSBC coronavirus support. Should you feel that another product is more suitable, the product webpages will advise on how you can apply for that product.
Before you apply
It’s important we hold the correct information for you to prevent delays in your application. The email address you use should match the one we hold on file for you. To check these details, please log into Internet Banking and select ‘Edit My Details’ to update your email address. Alternatively, if you’re Business Telephone Banking registered, you can call us to check the email we hold and update if required. Please note, due to the current circumstances our phone lines are very busy at the moment and we are experiencing long wait times.
Note that for the purpose of state aid declarations, the State Aid amount received in respect of your original BBL is the amount of
your original loan received plus 2.5%. If you have received other State Aid you must also take this into account.
The terms of the Bounce Back Loan Scheme only permit a business to apply for and have one Bounce Back Loan.
If you already have a Bounce Back Loan and didn’t apply for and receive the full amount you were eligible for, you may be able to apply for a top-up to your existing loan (subject to set parameters and eligibility guidelines).
Please note that you can only obtain a Top-Up Loan from the same Lender that has granted you the original Bounce Back Loan, and you can only be granted one Top-Up.
If your application is successful your loan repayments and interest costs will be higher as your Top-Up Loan will be added to your original Bounce Back Loan.
Or on our HSBC Product Page.
Please complete the form below. We will use any information about you and individuals connected to your business subject to and in accordance with our Privacy Notice. Without prejudice to our Privacy Notice, please note that your information will also be used in accordance with the data protection declaration set out below and the British Business Bank Privacy Notice. We use strictly necessary cookies, which we explain in our Cookies Notice.
Before you (or anyone on your behalf) provides information on individuals connected to your business to us you must ensure that you have a legitimate interest, lawful purpose or the agreement of the relevant person. You must also ensure they’ve been provided with our Privacy Notice, which explains the way in which their information will be processed and their rights in relation to their information.
If your application for a Bounce Back Loan or a Top-Up loan is successful, we may perform a credit check on you or your business as well as the individuals linked to that business such as partners or directors.
Although we will not be using this credit data to assess your application, we need to undertake this in order to conduct our standard fraud checks. This will leave a record
of an “enquiry” search on your credit records.
The searches will not have a negative impact on your credit score, but other lenders may take into consideration that a search has been conducted when making lending decisions. If several searches are performed in a short period of time, this can have a greater impact on a credit score and may impact an individual’s or business’s ability to successfully secure credit or quoted interest rates in the future.
We will also register an entry of the Bounce Back Loan with credit reference agencies.
If you do not make your repayments on time we may take the following actions which could have serious consequences for you:
(a) cancel all or part of the loan and our obligations to you under it;
(b) demand immediate repayment of all amounts due to us under the loan; and / or
(c) declare that all or part of the loan is repayable on demand,
but we will give you advance notice and (unless the problem cannot be fixed) the opportunity to fix the problem before taking any of these steps.
If you fail to make your repayments on time we may also disclose information about you and the conduct of your loan to credit reference agencies (which may make it more difficult for you to borrow in future).
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