Bounce Back Loan Scheme (BBLS)

Bounce Back Loan Scheme (BBLS)

The Bounce Back Loan Scheme (BBLS) is now closed to new applications, including applications for Top-Ups.

BBLS applications received by 23.59 on 31 March 2021 can be processed through to 31 May 2021. 

If you have a query about BBLS, or wish to discuss an outstanding application, please contact us on 01756 694068.

Recovery Loan Scheme

A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.

Repaying your Bounce Back Loan

You received a payment holiday for the first year of your loan, with the interest being paid for by the Government via a Business Interruption Payment. After the first 12 months, you will need to start making monthly repayments to repay the amount you borrowed, plus interest from the date your repayment holiday ends. 

We will send you a repayment schedule outlining your options, around three months before your first payment is due. 

Please note you do not need to contact us in advance.

If you no longer need the loan, you can choose to pay it back early. You’ll then pay less interest. There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-month repayment holiday. 

Or you can make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments. 

Your other repayment options

Pay As You Grow

The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan. 

Pay As You Grow options will be available to you once you start to repay your Bounce Back Loan, from 12 months after it was first approved. 

Using these options won’t affect your credit score, though it may influence how we assess your creditworthiness in the future and your loan may cost you more overall. 

The options available to you when you are due to make your first payment after 12 months are as follows:

1.    If you expect to be in a better position to repay in the future:

a)    You could reduce your monthly repayments for six months by paying interest only. 

•    This option is available up to three times during the term of your Bounce Back Loan. 


b)    You could take a payment holiday for six months. 

•    This option is available once during the term of your Bounce Back Loan.

2.    If you’re only able to repay a smaller amount: 

You could request an extension of your loan term from six years to 10 years at the same interest rate of 2.5%. 

If you’re considering this option you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.

Please note for all three options that the total amount you owe will go up. This is because your interest costs increase as you’re repaying your loan over a longer period.

You can use options 1 and 2 together if you need to. 


You can find out more information on dealing with debt here.

Information regarding other finance support options can be found on the British Business Bank Finance Hub.

We’re here to help

You do not need to contact us in advance. We will send you a repayment schedule outlining your options, around three months before your first payment is due. 

However if you’re worried about your finances, please contact us on 0800 0854150. 

In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.  

Reminder of your Bounce Back Loan terms and conditions

When you applied for your Bounce Back Loan, you declared that you understood that:

•    You are fully liable for all repayments, and if you are unable to meet these obligations, this could negatively affect your credit score.
•    The 100% government guarantee is provided to cover any losses the lender makes and does not cover any losses that you might suffer if you are unable to meet your payment obligations.
•    We would not carry out any affordability checks on your application.



Important Information

No fees:

  • Skipton Business Finance will not charge you any fees with this loan or any default interest (however if a payment is missed, you will continue to owe interest at 2.5% per annum on the outstanding amount of the loan).

Paying the loan early:

  • You will be able to repay all, or part, of the loan early and you will not be charged any fees for making an early payment.

If you are in difficulty:

  • We will monitor your repayment record during the life of the scheme facility and take appropriate action where there are signs of repayment difficulties.

  • We will make the appropriate adjustments to ensure that your circumstances are accommodated throughout the duration of the BBLS Loan if we have reason to believe that you may be vulnerable.


If you do not make payments on time or breach other terms of the loan:

  •  The BBLS guarantee is provided to us and not to you. You remain responsible for repaying the whole of this loan at all times and if you fail to do so this may negatively affect your credit score or rating with credit rating agencies.
  • We will always be transparent and give you reasonable notice on action we intend to take prior to doing so. We will give you a reasonable period to remedy any breach and will not treat the same as an event of default if it is remedied by the you within this period.


     Keeping you updated:

    • If you miss a payment, we will provide clear information regarding the amount of the missed payment, what can be done to remedy, in what timescales, and the impact (if any) on future repayments.
    • Information on the options available to you will be provided free of charge and all information provided will be clear, fair and not misleading.


    Your rights as a consumer:

    • Borrowers are advised that they should seek independent legal advice if they are in any doubt about the consequences of the loan agreement not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974 or any other aspect of taking out a loan.


    Staying safe: 

    • Unfortunately in these times, there may be organisations attempting to impersonate lenders. Please ensure that you are talking to an authoried respresentative of Skipton Business Finance before disclosing any information.


    If you have a complaint:

    We are committed to maintaining transparent business practices and at all times to act with honesty and integrity. If you feel that we haven't lived up to your expectations in any way, we'd like to know so we can put things right for you. Here you can download our complaints procedure.

    Can I refer my complaint to the Financial Ombudsman Service?

    If you are not happy with our final decision about your complaint, you may be able to refer your complaint to the Financial Ombudsman Service (FOS). The Financial Ombudsman Service act as an independent and impartial organisation who help settle disputes between consumers and financial services businesses. The FOS are only able to investigate your complaint if Skipton Business Finance have issued a final response or if your complaint has exceeded the 8 week limit from when it was first raised.

    How to contact the Financial Ombudsman Service

    Phone: 0800 023 4 567 - Calls to this number are normally free for people ringing from a fixed line phone but charges may apply if you call from a mobile phone


    0300 123 9 123 - Calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs.


    British Business Bank

    As an accredited lender of the British Business Bank, we are offering the Bounce Back Loan in order support businesses affected by Coronavirus.

    The Bounce Back Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit