GCBF is proud to be an accredited provider of Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBLS)

Bounce Back Loans Important information

BBLS is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk

If you take out a Bounce Bank Loan with us, we will pay due regard to your information needs and we will provide information to you in a way which is clear, fair and not misleading.

Important information is included within documents which can be accessed via the links below. You should read and consider these documents before proceeding with your application. You should print or save copies of these documents for further reference and for your records. If you have any questions regarding these or require further information, please contact us.

Further important information can be found below. 

We will provide you with the following information in relation to your Bounce Bank Loan

  • Timely, clear and adequate information that will help you to understand, if you fail to make a payment under your Bounce Bank Loan, the amount you have missed, what can be done to remedy it, the time scales that you need to remedy any missed payment and the impact (if any) on your future repayments
  • If you default on your Bounce Bank Loan, we will provide you with information about any proposed action we might take in relation to your Bounce Bank Loan, before we take any such action
  • Regular information about the Bounce Bank Loan Scheme (on at least an annual basis), by way of a statement setting out details of payment transactions on your Bounce Bank Loan during the time since such information was provided (or the date that you received funds under the loan, if no information has been provided previously) and amounts outstanding under the Bounce Bank Loan and
  • Information on options available to you for help and assistance, including sources of free independent advice

We will also

  • Monitor repayments that you make during the life of your Bounce Bank Loan and take action to help you where there are signs of actual or possible repayment difficulties
  • If we identify or believe that you might be vulnerable, we will make adjustments to ensure that your circumstances are accommodated throughout the duration of your Bounce Back Loan
  • If you default under your Bounce Back Loan, we will give you a reasonable period of time to remedy any breach and we will not treat the default as an event of default if you remedy the default within the period of time we give you
  • Not charge you any fees in relation to your Bounce Back Loan (including on default) or any default interest (except that we may continue to charge interest at the rate of 2.5% per annum if your Bounce Back Loan is not repaid when due until such time as it is repaid)
  • Allow you to repay all, or part of the Bounce Back Loan, early at any time. We will not charge you any fees for making an early repayment

If you fail to make your repayments under the Bounce Back Loan, we may

  • Charge interest on the outstanding amount, which will increase the amount you owe us
  • Require you to repay the loan (together with any interest you owe) immediately
  • Report you to credit reference agencies, which may negatively impact your credit score and make it harder to get credit in the future
  • Bring legal action to recover the loan and
  • Require you to pay any costs and expenses we in incur in recovering the loan

Loans made under the Bounce Back Loan Scheme are not subject to the usual consumer protections that may apply to other forms of business lending. As such, borrowers of Bounce Back Loans should be aware that they will not have the benefit of the protection and remedies that would otherwise be available to them under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.

You’re responsible for repaying 100% of the loan. Where default occurs, we follow our standard commercial recovery procedures (including the realisation of security) before we make a claim against the government's guarantee for any shortfall. Loans are available to most business sectors, but restrictions apply