- Is based in the UK
- Has been negatively affected by coronavirus
- Was operating on 1 March 2020
Loans made under the Bounce Back Loan Scheme 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.
Our commitments to you under the scheme:
The Bounce Back Loan is offered by HSBC as part of the UK Government’s Bounce Back Loan Scheme (the Scheme) and which means that HSBC has agreed with the UK Government that we will:
You are able to complain to us if you do not feel that we have met these commitments.
If you do not make your repayments on time we may take the following action which could have serious consequences for you:
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).
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 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). 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.
Please ensure you have read the information on this page, which covers key product information and frequently asked questions.
In order for you to receive an HSBC Bounce Back Loan, you first need to open a bank account with us so that you can draw down the loan proceeds. At present you cannot draw down an HSBC Bounce Back Loan directly into a non-HSBC account.
This new account can be either:
A full HSBC UK Business Bank Account
A temporary HSBC UK Feeder Account
Once your account has been opened, please use your new Business Bank Account or Feeder Account number to apply for the Bounce Back Loan Scheme.
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 government will guarantee 100% of the loan. Please be aware that you’re liable for the entire loan amount. We’ll seek to recover the 100% outstanding balance of your loan from you and before any claim is made on the government guarantee.
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.
You do not need to contact the bank now to refinance. 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. You will not incur any fees or charges as a result of this.
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.
The Bounce Bank Loan Scheme will initially be available for six months from 4 May 2020 to 4 November 2020.
The Government has confirmed that the amount of funding available under the scheme will be demand-led. Therefore, there’s no immediate need to apply if you don’t need finance in the short-term.
No personal guarantees or security will be required.
If you’re concerned that you can’t meet the repayments on your loan after 12 months, then please call the Coronavirus Customer Support Line as soon as possible on 08000 121 614 (we’re open 8am-6pm, Monday to Friday).
We’ll assess your situation and discuss your options.
Please see the ‘Quick check BBLS eligibility criteria’ section here.
Unfortunately, we can’t guarantee that you’ll be eligible. You must meet the scheme rules which are set out in the eligibility criteria here.
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.
You must also self-certify that your business has been adversely impacted by the coronavirus outbreak.
You don’t need to be an existing HSBC UK customer to apply and you do not need to have a bank account with us in order to apply for, or maintain, this loan. However, please bear in mind it may take longer to process your application as we need to carry out additional checks.
If you do not already have an HSBC Business Bank Account and do not want to open one, we will open a temporary feeder account to use to draw down the loan, and will then arrange with you to transfer the funds to another account in your name at another bank (subject to our standard transaction checks).
You’ll need to self-certify that your business hasn’t received more than £711,200 in State Aid since 19 March 2019 under the State Aid Temporary Framework1 (or £106,680 in the case of fisheries and aquaculture businesses, or £88,900 for agriculture businesses).
The following sectors aren’t eligible:
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. This doesn’t apply to charities or Further Education Colleagues.
Yes, the BBLS can be used to support short term cash-flow needs.
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.
If your business was established after 1 January 2019, you should apply the 25% to your estimated annual turnover from the date you started your business.
For start-ups, or SMEs which have traded for less than 12 months, you should estimate this based upon your business forecasted turnover for the first 12 months of trading.
1 State Aid under the temporary framework includes CBILS, CLBILS, and the Small Business & Retail Hospitality and Leisure Grants Fund.
You can apply online by using our Bounce Back Loan application portal. Please review all of the information before entering the portal.
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
Please make sure you have this information available so we can progress your application.
If you are an HSBC UK customer, once you’ve submitted your application through the portal, we will aim to get back to you within a few days. If you are not an existing HSBC UK customer this will take longer as we need to carry out additional checks.
We’re working very hard to support our customers in these difficult times and are currently experiencing very high call volumes. We ask customers to please be patient with us, as we work through their calls. We’ll get back to you as soon as we can.
Bounce Back Loan Scheme (BBLS) is delivered by the British Business Bank, through HSBC UK as an accredited lender. BBLS will support the continued provision of finance to UK SMEs during the Covid-19 outbreak. 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 and industrial Strategy (BEIS).