BOUNCE BACK LOAN SCHEME

You may be eligible if:

• you have a Metro Bank Business Bank Account
• your business is UK-based and has been negatively affected by the coronavirus pandemic
• you established your business and began trading before 1 March 2020
• your business is solvent
• you earn more than 50% of your business income from trading – unless it’s a charity or further education.

You are not eligible if:

• you have an existing application or have already received a Bounce Back Loan individually or as part of a wider group of businesses
• you have an existing application for or have already received a Coronavirus Business Interruption Loan, a Coronavirus Large Business Interruption Loan or the Covid Corporate Financing Facility – unless you’re refinancing by taking out a Bounce Back Loan instead
• your business is going through restructuring or in liquidation
• your business is a bank or building society, an insurance company, a public sector company, or a primary or secondary school funded by the state.

We will need more information if:

• your business was in difficulty before or on 31 December 2019 – if you’re not sure, you can use this guide to check. You can also find out more from the British Business Bank or speak to us on 0203 402 8140 between 8am and 6pm, Monday to Friday.

To apply for a Bounce Back Loan, you’ll need to have the following:

• your Metro Bank account number and sort code
• the business name, address and contact details
• your annual turnover in 2019 or an estimate if you began trading mid-way through the year
• the authority to apply for the loan

We are expected to do the following in respect of your Bounce Back Loan:

• We will monitor your repayment record during the life of your loan and take action to help you where there are signs of actual or possible repayment difficulties 
• If we identify you as vulnerable, or we have reason to believe you may be vulnerable, we will make appropriate adjustments to ensure your circumstances are accommodated throughout the duration of your loan
• If you default under the loan, we will give you a reasonable period to remedy any breach and will not treat the default as an event of default if it is remedied by you within this period
• We will not require you to pay any fees of any description (including on default) or any default interest, (except if the loan is not repaid when due, in which case we may continue to charge interest at 2.5% per annum until such time as it is repaid). 
• We will provide information in a way which is clear, fair and not misleading. 

We will also provide you with the following information in relation to your Bounce Back Loan during its term:

• Timely, clear and adequate information that will help you to understand that, if you fail to make payments under your loan, the amount missed, what can be done to remedy, in what timescales, and the impact (if any) on future repayments
• If you default, we will give you information about any proposed action we may take in respect of the loan, prior to taking such action
• Regular information about the loan (at least on an annual basis) in the form of a statement setting out details of the payment transactions on the loan during the period since such information was provided (or the date the loan was advanced to you, if no such information has been provided previously) and amounts outstanding under your loan
• Information on options available to you for help and assistance, including sources of free independent advice. 

The above is for your information only.

• The BBLS is a government-backed guarantee scheme, which may allow you to borrow money in these circumstances. The guarantee provides us with a full guarantee, should you fail to repay the loan following a demand by us. The provision by the UK Government of this support does not imply any endorsement or warranty of us from the Secretary of State for Business, Energy and Industrial Strategy or the UK Government.
• The Bounce Back Loan Scheme is not subject to the usual consumer protections that apply to business lending, and as such will not have the benefit of the protection and remedies that would otherwise be available under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.

We always try to give the best possible service. If, however, you want to make a formal complaint to us, you can find more information on our complaints procedure and the Financial Ombudsman Service here.