Search Login Back to Commercial Banking Bounce Back Loan Scheme 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 in the usual way. Pay As You Grow As your BBLS loan reaches its 12 month anniversary and repayments become due, the government has introduced Pay As You Grow (PAYG), allowing you to: Request an extension of your loan term to 10 years from six years, at the same fixed interest rate of 2.5%. 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. Take a repayment holiday for up to six months. This option is available once during the term of your Bounce Back Loan. Please note that you can use these options individually or in combination with each other. You should be aware that you will pay more interest overall if you use one or more of these options, and that the length of the loan will increase in line with any repayment holidays taken. Using these options won’t affect your credit score, or negatively affect your credit file. We may use requests for Pay As You Grow options to help us assess affordability in future lending applications. For example we will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan, and also your total debt exposure, which will include the outstanding Bounce Back Loan. If you would like to understand more about these options, please contact your banker directly. 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. What is the Bounce Back Loan Scheme? The Bounce Back Loan Scheme (BBLS) was launched to enable businesses impacted by the current coronavirus pandemic to access financing quickly. How do you apply? New applications are closed now closed. You can borrow between £2,000 and £50,000 or up to 25% of the 2019 turnover on a term loan. How much can you borrow? You can enquire about applying for the Bounce Back Loan Scheme by completing the form at the bottom of this page. Under what conditions? The loan term is six years, but you can pay back the loan sooner with no early repayment charge You will not be asked to provide a personal guarantee You will not be asked to make any capital repayments for 12 months The government will guarantee 100% of the loan and we won’t charge any fees or interest for the first 12 months as the Government will reimburse us The interest rate is 2.5% fixed The loan value is guaranteed by the Department for Business, Energy and Industrial Strategy. The guarantee is provided to Arbuthnot Latham, but you (the borrower) remain responsible for repaying 100% of the loan About the Scheme As a confirmed accredited lender of the government-backed Bounce Back Loan Scheme, we are here to support our clients during the coronavirus outbreak. If you require additional information about the scheme, please visit the British Business Bank website. Visit Website Are you eligible for the Bounce Back Loan Scheme? Your business is UK-based Your business was established before 1 March 2020 You can certify that your business has been impacted by Coronavirus (COVID-19) You are an existing Arbuthnot Latham client Your business is neither bankrupt, in debt restructuring proceedings nor in liquidation Your business is not currently benefitting from a government-backed Coronavirus loan scheme Note: Credit institutions (falling within the remit of the Bank Recovery and Resolution Directive), public sector bodies, a state-funded primary or secondary schools and insurance companies are not eligible to apply. Note: you must be allowed to apply for a loan on behalf of your business. What else do you need to know? Fees Early repayment Keeping you informed Actions we will take if you are in difficulty What you can do if you have a complaint Repaying your Bounce Back Loan 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 british-business-bank.co.uk The provision by the Guarantor of the Scheme Guarantee does not imply any endorsement or warranty of the Bank from the Guarantor or the Government of the United Kingdom. Enquire about the Bounce Back Loan Scheme Are you An existing Arbuthnot Latham Client New to Arbuthnot Latham Submit For business. For family. For life. 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