Businesses can now ‘top-up’ their existing Bounce Back Loans if they previously borrowed less than 25% of their turnover.
From 10 November, participating lenders in the Bounce Back Loan Scheme (BBLS) are able to offer smaller businesses across the UK a ‘top-up’ to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them.
The Bounce Back Loan top-up will now be available from several large lenders, with other lenders anticipated to make the top-up available in due course.
The top-ups are only available from a borrower’s existing BBLS lender. A borrower can apply for a top-up that is for the lesser of £50k or 25% of the annual turnover the borrower certified in their original successful BBLS application form, minus the value of their original loan.