No - you don't need to use the same bank account to make repayments. The government will guarantee 100% of the loan. The scheme closes on 31st January 2021. You can apply for a loan which is up to 25% of your turnover for calendar year 2019 (1 January – 31 December), from a minimum of £2,000, up to a maximum of £50,000. There are also certain restrictions around the following sectors and you’ll need to check carefully around the loan amount being requested: You’ll need to self-certify that if you receive income from sources other than trading activity, more than 50% of income, together with that of any group, is derived from trading activity. HSBC allows you to open a temporary feeder account, from which it will send you the bounce back loan funds to an account of your choice. I said not been funny but let’s do that call ASAP and to be fair this lady was great and called me back that afternoon. Unfortunately, we can’t guarantee that you’ll be eligible. How can you best manage it? The Bounce Back Loan Scheme (BBLS) is designed to support small and medium-sized businesses who have been affected by coronavirus (COVID-19). You're able to make repayments from another bank account at another bank (subject to usual transaction checks). No personal guarantees or security will be required. The Bounce Back Loan Scheme (BBLS) is designed to support small and medium-sized businesses, which have been impacted by the Coronavirus situation, who are looking to borrow between £2,000 and £50,000. The terms of the Bounce Back Loan Scheme only permit a business to apply for and have one Bounce Back Loan. Annual Lending Limits and Limit Increases for BBL Lenders. Apply for Business Bank Account. I applied for a feeder account with HSBC on the 4th May as I business bank with Monzo. If you’ve already obtained a loan through either the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), or the Covid Corporate Financing Facility, you may be able to refinance those in full by the Bounce Back Loan Scheme. The government provide a 100% guarantee to help you quickly get access to the cash you need get the funding you need. Are eligible sole traders using their existing HSBC UK Personal or First Direct Account. It took them 1/2 hour to complete the formalities Only if HSBC fat cats CEO use their customer service they will come to know how bad it is If you would like any more information or have any questions about the agreement, you can call us on our Coronavirus Customer Support Line 0800 0121 614 (Lines are open 8am – 6pm Monday to Friday). Re State aid, what is a “partner” enterprise. What products are offered on the BBL Scheme? Loans made under the Bounce Back Loan Scheme and any Top Up loan are not subject to the usual consumer protections that apply to business lending and as such you will not have the benefit of the protection and remedies that would otherwise be available to you under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974. What happens if I struggle to repay a BBL? Available to Starling Bank Account holders only. It is not authorised or regulated by the PRA or the FCA. No repayment of capital required during the period of 12 months from drawdown, The Government pay the fees and interest for the first 12 months. If you opened a NatWest Business bank account after this date, you will not be able to apply for a Bounce Back Loan with us. Having read this twitter feed it sounds like the feeder accounts might be a waste of time and I may even have to email the CEO? On Monday at nine AM on the button the British Banking system fired the gun on the UK Government’s Bounce Back Loan scheme (BBILS’s). You will lose any information you have entered. Bounce Back Loan Scheme (BBLS) is delivered by the British Business Bank, through HSBC UK as an accredited lender. No, you may only apply for a top-up once. Fraud fears spark ban on business accounts: Lloyds, NatWest and HSBC stop taking on new customers amid rush of bounce back loan cheats Emma Dunkley And Neil Craven, Financial Mail On Sunday 05/12/2020 To be eligible for a Personal Loan you need to: have a bank or building society account with a Direct Debit facility (Channel Island and Isle of Man customers must have an HSBC current account) have an annual income/pension before tax of £10,000 or more; be over 18 and a resident of the UK; Not available for customers with a Basic Bank Account. Has Amanda Murphy from HSBC Misled the Treasury Committee? You can apply online by using our Bounce Back Loan application portal. So, for example if you have both a personal and business account, you should enter your business account details, You are applying for a Bounce Back Loan top-up, Have an existing Business Current Account or Business Feeder Account with HSBC UK, Have an application in progress for Business Current Account or Business Feeder Account with HSBC UK which was submitted before 9am on the 30th September 2020. More Shenanigans from the British Business Bank? Your Twitter Account Gave Me Hope for My HSBC BBL, HSBC Usually Pay in 2 Days of EchoSign Being Returned, Freedom of Information Requests Sent to the British Business Bank Re BBL’s, This is Me Tapping Out – Business All Gone, Liverpool Region Mayor’s Office Official Reply on Business Grants, SEISS 4 – Do Not Make It the Next Accident Waiting to Happen Rishi, Do Not Pin Your Hopes on a Discretionary Business Grant. Find a lender for the bounce back business loan scheme (BBLS). For information about complaints, including details of our complaint handling procedure and whether you have a right to complain to the Financial Ombudsman Service, please visit https://www.business.hsbc.uk/en-gb/gb/generic/complaints. 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). What is a Feeder Account for a Bounce Back Loan? The Government guarantees 100% of the loan. You have an existing Business, Charity or Community Account with HSBC UK, or you are an eligible sole trader using an existing HSBC UK Personal, First Direct Account or HSBC Kinetic Current Account. Please be aware that you’re liable for the entire loan amount. 1 State Aid under the temporary framework includes CBILS, CLBILS, and the Small Business & Retail Hospitality and Leisure Grants Fund. An interest rate of 2.5% per annum applies on the top-up  This is the same interest rate which applies to your existing Bounce Back Loan. The feeder account only stays open for a day, and is solely used to draw down … After hours on the phone they said the account would be setup in 3-5 business days. ... For NatWest you need to have a current business account with them but HSBC you can setup a feeder account if you don’t bank with them. How Local Councils and Banks Can Tie You in Knots, The Battle Continues – Prepare for the Worst, Update on the Fiasco that are Discretionary Business Grants, All Councils Should Have Discretionary Business Grant Cash Today, Local Councils Join Banks in the Cancel Culture that Plagues the World, HSBC Zombie Feeder Accounts Finally Rising from the Dead, Rishi Sunak Confirms Your Local Council CAN Give you a Discretionary Business Grant, HSBC Finally Admit Problem with Their Top Up System, British Business Bank FOI’s Data Dump Part 2, British Business Bank FOI’s Data Dump Part 1, Lenders Manual for the Bounce Back Loan Scheme, British Business Bank Response on Bounce Back Loan Defaults, British Business Bank Response on New BBL Lenders Being Accredited, That is What Happens When You Ignore People, New UK Government Business Grants Still Not Helping Many. In disgust I have now had to take out another loan from ICICI BANK in India . Thank you parot! "If you are applying for a Bounce Back Loan from us and you are a new customer to HSBC or a customer holding neither a business current account nor a personal current account… The Bounce Back Loan Scheme can be used for any economic benefit to your business, enabling it to continue as a going concern, which may involve the refinancing of an existing facility used for an Eligible Purpose and to support trading or commercial activity in the United Kingdom. On the first day 130,000 businesses applied, 34,000 were applications to HSBC. A temporary HSBC UK Feeder Account. You will not incur any fees or charges as a result of this. Loans of between £2,000 to £50,000, up to a maximum of 25% of your business’ annual (calendar year) turnover, to be used as working capital or as an investment in your business, or to refinance loans used for such purposes Find answers to your questions or search our most popular help topics with our Help & Support centre on HSBC UK. Please note that your repayments and interest cost will be higher as a result of receiving a top-up. 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). [ January 31, 2021 ] Week 39 of the Bounce Back Loan Scheme BBL Timeline [ January 29, 2021 ] Has ... How I Set Up a Feeder Account with HSBC How I Set Up a Feeder Account with HSBC. June 3, 2020 BBL Diaries. Completed a bunch of checks and everything signed and way by Thursday 21st. Bounce Back Loans are available to existing NatWest customers on or before 4 May 2020. HSBC will let brand new customers open a feeder account, not just a business account, to apply for a Bounce Back Loan. This appears to be an account that gets set up and then closed immediately once funds have been transferred. It says it is still actively accepting and approving applications from new customers, and that just because you've been rejected by Starling that doesn't mean it will reject you. Therefore, there’s no immediate need to apply if you don’t need finance in the short-term. Customers that made a Bounce Back Loan application, and applied for less than 25% of their revenue, may apply to top up their loan to the full amount through our dedicated portal before 31 March 2021. You can nominate this account as your feeder account. Please note that this top-up can only be applied to the turnover that you self-certified at the time of your original application. Provide your customers with a choice of ways to pay - online and in your retail outlet - to help you improve your cash flow, Protect what matters most with business insurance policies and workplace pensions provided by our preferred partners, Benefit from our extensive experience of providing guarantees so you can trade with increased security and reduced risk, Find the guidance you need to help you trade securely and cost-effectively overseas, The Government provides accredited lenders like HSBC UK with a 100% guarantee. To access a Bounce Back Loan, please contact your current bank. You know I understand the banks are overwhelmed and it’s great to hear they are going the extra mile over the bank holiday weekend. We’ll be in touch with you automatically in a few months to see if you wish to do that and before the first repayment is due. BBLS is managed by the British Business Bank. Please make sure you have this information available so we can progress your application. Yes, the BBLS can be used to support short term cash-flow needs. Please click https://www.hsbc.uk/guides/managing-money/where-to-go-for-assistance/ for guidance around who may be able to offer you free, independent advice. We’ll get back to you as soon as we can. If you’re applying for a Bounce Back Loan and you have a personal current account that you have used for your business purposes, and your business was established on or before 5 April, you’ll need to provide a scanned copy of your 2018/19 self-assessment tax return. One company owner has condemned what he describes as the bank’s “unbelievably dreadful non-service” in administering Bounce Back Loans (or BBLs) which are designed to improve the cash flow of firms struggling with the … Some commitment and dedication to help people on display here. This account will be used just to draw down the funds from the Bounce Back Loan which will then transfer to your existing bank account. July 7, 2020 Twitter Vault I applied to HSBC 4 weeks ago, their my bank and have been for 20 years but my credit rating is poor! cancel all or part of the loan and our obligations to you under it; demand immediate repayment of all amounts due to us under the loan; and / or. You’ll need to self-certify that you’re not an ‘undertaking in difficulty’ and that you’ll be able to repay the borrowing as scheduled. We use cookies to ensure that we give you the best experience on our website. If you opened a NatWest Business bank account after this date, you will not be able to apply for a Bounce Back Loan with us. According to the dedicated Bounce Back Loan (BBL) section of the HSBC business bank account website, the scheme "can be used for any economic benefit to your business, enabling it to continue as a going concern, which may involve the refinancing of an existing facility used for an Eligible Purpose and to support trading or commercial activity in the United Kingdom." HSBC is offering a BOUNCE BACK LOAN FEEDER ACCOUNT even if you don’t bank with them https: ... For now, I have called HSBC and requested access to a feeder account. Key features of the Bounce Back Loan Scheme. Please be aware that the external site policies will differ from our website terms and conditions and privacy policy. This doesn’t apply to charities or Further Education Colleagues. declare that all or part of the loan is repayable on demand, You have an existing Business, Charity or Community Account with HSBC UK, You are operating as a Sole Trader (not a Limited Company, LLP or Partnership) and you have an existing HSBC UK or First Direct current account (not a Savings or other account type) and your business started on or before the 5th April 2019 and you can provide a Self-assessment Tax Return for this as part of your application, or, You successfully opened a new Business Current Account, HSBC Kinetic Current Account or Feeder Account and your application for the account was made before 9am on the 30th September 2020, You have an existing Business, Charity or Community Account with HSBC UK, You have applied before the scheme ends, on 31 January 2021, You want to use that existing HSBC account to draw down the loan, You have checked the email address and telephone number on your application match the records held by the bank. 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