Are you eligible for the Bounce Back Loan Top Up?

Lenders that had previously offered bounce back loans (BBL) are now able to offer borrowers a top up if they originally took out less than the maximum amount. 

The scheme emerged back in May 2020 as a business support measure for smaller businesses during the first wave of the pandemic and businesses were able to access loans of up to £50,000 and the value of the loan was fully guaranteed by the Government. 

Since the announcement for a second lockdown the Government have reinstated some means of financial support for businesses and from the 10th November a BBL top up will be available from several large lenders, with smaller lenders set to follow suit in the coming weeks. 

How do I know if my business is eligible? 

Top ups are only available from a borrowers existing BBL scheme lender, so business owners are unable to approach a different lender for access to the loan top up. If you applied for a BBL previously for less than 25% of your turnover then you are now permitted to apply for the remaining amount via a top up to the maximum loan value of £50,000. You are only allowed one top up and the minimum amount to top up is £1,000. 

If you are looking for advice on the bounce back loan scheme, please contact your local Moore South office.