PARLIAMENTARY WRITTEN QUESTION
Bounce Back Loan Scheme (8 March 2021)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what support he is making available to businesses who are unable to access the Bounce Back Loan Scheme as a result of a poor credit rating.

Asked by:
Charlotte Nichols (Labour)

The Bounce Back Loan Scheme (BBLS) is open to businesses who meet the scheme’s eligibility criteria, and pass customer fraud, anti-money laundering and know your customer checks. Certain lenders may require a prospective borrower to open a business account with them before they can apply, in line with their own standard policies, which may include credit checks. This is at the sole discretion of the lender.

If businesses are unable to access BBLS, there are also other forms of support available from the Government, which can be found at the following website: www.gov.uk/business-coronavirus-support-finder.

The Start Up Loans Scheme is also available to businesses who have been trading for less than two years, it supports individuals by offering access to affordable Government-backed finance of between £500 and £25,000 per owner (limited to £100,000 per business), at a fixed 6% interest per annum.

Answered by:
Paul Scully (Conservative)
16 March 2021