Bounce Back Loan Scheme Top-Up Application

 

To apply for a Bounce Bank Loan Scheme Top-Up, complete all of the required information below. It is important that you read and understand all aspects of the Scheme including eligibility criteria and all declarations.

 

Bounce Back Loan – Top-Up Key Features

 

  • If you have borrowed less than 25% of the annual turnover you stated on your original Bounce Back Loan application form, you are eligible for a Top-Up. The combined value of your original loan and Top-up cannot exceed 25% of your originally stated turnover, and is subject to an overall cap of £50,000. You may only apply for a Top-Up once.
  • An interest rate of 2.5% per annum applies on the Top-Up. This is the same interest rate which applies to your existing Bounce Back Loan.
  • Government covers the interest on the Top-Up up to the date on which your original interest free period on your existing Bounce Back Loan expires (i.e. 12 months after the initial draw-down of the original loan amount).
  • No capital repayments are required up to the date on which your repayment holiday on your existing Bounce Back Loan expires (i.e. 12 months after the initial draw-down of the original loan amount).
  • The term of the Top-Up will expire on the same date as the term of your original Bounce Back Loan.

 

If you need any help or further information, call us on 0345 600 5204 between 09:00 - 17:00 Monday to Friday (excluding Bank Holidays).

Application
Confirmation

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Section 1 - Applicant details

Complete the details of your business that you are applying on behalf of.

 

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Section 2 - Information for your Lender

We require your relevant account details with us to progress your application.

 

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Section 3 - Top-up

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  1. Please note: for the purposes of questions in this form and the State Aid form which ask about the amount of State Aid received, you should include the State aid amount provided to you by your lender in connection with your existing Bounce Back Loan and the amount of the Top-Up you are applying for in addition to any other State aid you have received. If your lender has provided you with an estimate of the Business Interruption Payment for your Top-Up, this should also be included.

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  1. As defined by EU Regulation 651/2014, a business is considered in a difficulty if it met any one of the following criteria on 31 December 2019:
  1. Individuals or companies that have entered into collective insolvency proceedings;
  2. Limited companies which have accumulated losses greater than half of their share capital in their last annual accounts (this does not apply to SMEs^ less than 3 years old);
  3. Partnerships, limited partnerships or unlimited liability companies which have accumulated losses greater than half of their capital in their latest annual accounts (this does not apply to SMEs less than 3 years old);
  4. Where the undertaking has received rescue aid and has not yet reimbursed the loan or terminated the guarantee, or has received restructuring aid and is still subject to a restructuring plan;
  5. A company which is not an SME where, for each of the last two accounting years: (i) your book debt to equity ratio has been greater than 7.5; and (ii) your EBITDA interest coverage ratio has been below 1.0

^ SMEs are defined as a business with less than 250 employees and either (a) a turnover of less than £44.45m or (b) a balance sheet of less than £38.22m

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Section 4 - Declarations

With the submission of this application for a Top-Up, you, the Borrower, declare the following:

 

 

1. I am/we are either a company or limited liability partnership incorporated or established in the UK, or I am/we are tax resident in the UK:*

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2. I/We confirm that (other than any previously unsuccessful application) this is my/our only application for a Top-Up for this business, and I am/we are not part of a wider group which has already received or is in the process of applying for a Top-Up. I/We confirm that I/we (including as part of a wider group) have not yet obtained, nor am I/are we in the process of applying for, a loan through either the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), or the Covid Corporate Financing Facility (CCFF) for this business:*

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3. I/We confirm at the time of submitting this Top-Up application, I am/we are not subject to a debt relief order or an individual voluntary arrangement, an undischarged bankrupt, or have applied for or are in the process of dissolving (including applying for, or having made an application for, or taken any other steps for) a dissolution of my/our business nor, if we are applying for the loan as a partnership, in a voluntary arrangement with my/our creditors nor in liquidation, or (in Scotland) subject to a debt payment plan, trust deed – whether protected or not - or an undischarged bankrupt:*

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4. I/We confirm that either: (a) I was/we were not a business in difficulty on 31 December 2019 and that if I am/we are successful in this Top-Up application3, that I/we, together with any other business in my/our group/under my/our common control will not have received more than £711,200 in State Aid since 19 March 2019 under the State Aid Temporary Framework4 (or £106,680 in the case of fisheries and aquaculture businesses, or £88,900 for agriculture businesses); or (b) That if I was/we were a business in difficulty on 31 December 2019, that, if I am successful in my Top-Up application5: (i) For businesses involved in fisheries and aquaculture: I/we together with any other business in my/our group will not have received more than £26,670 in de minimis State Aid (ii) For businesses involved in agriculture: I/we together with any other business in my/our group will not have received more than £17,780 in de minimis State Aid (iii) For businesses involved in logistics: I/we together with any other business in my/our group will not have received more than £88,900 in de minimis State Aid (iv). For all other businesses: I/we together with any other business in my/our group will not have received more than £177,800 in de minimis State Aid, in each case during the last three years:*

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  1. The Top-Up (including the value of the Business Interruption Payment) constitutes State Aid. Please note: If you are active in Fisheries and Aquaculture, Bounce Back Loans are not available for the activities listed in Article 1, Paragraph 1 of European Commission Regulation 717/2014
  2. If you have received State Aid before, including under the Temporary Framework, you will have been provided with a written statement confirming this amount. You should include the State aid amount provided to you by your lender in connection with your existing Bounce Back Loan and the amount of the Top-Up you are applying for in addition to any other State aid you have received. If your lender has provided you with an estimate of the Business Interruption Payment for your Top-Up, this should also be included.
  3. The Top-Up (including the value of the Business Interruption Payment) constitutes State Aid. Please note: If you are active in Fisheries and Aquaculture, Bounce Back Loans are not available for the activities listed in Article 1, Paragraph 1 of European Commission Regulation 717/2014

 

 

5. I/We confirm that if I was/we were a business in difficulty on 31 December 2019, the Top-Up will not (in whole or in part) be used to support export related activities:*

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6. I/We undertake to use the Top-Up on the basis of this agreement only to provide economic benefit to my/our business, for example, providing working capital, or investing in my/our business. I/We also confirm that the Top-Up will be used wholly for business purposes and not personal purposes:*

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7. I/We understand that in borrowing the Top-Up, the overall amount of my Bounce Back Loan will increase. I/We have reviewed and understood the costs associated with repayment of the increased loan, that is, the principal and interest and repayment of capital during the period beginning from the second year of the original Bounce Back Loan until its expiry five years later. I/We confirm that I am/we are able and intend to complete timely repayments in future. In addition, I/we understand that the 100% guarantee that is provided by the government under this scheme is to cover any losses made by the lender, and does not cover losses that I/we might suffer if I am/we are unable to meet my payment obligations for which I/we remain fully liable. I/We understand that if I am/we are unable to meet my/our payment obligations, this could have a negative impact on my credit score, which may reduce my ability to access further lending in the future:*

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8. I/We understand that, while the prohibition of personal guarantees under the Bounce Back Loan Scheme fully protects the personal assets of owners and directors of limited liability companies, if I am/we are a sole trader or partnership my/our personal assets may be at risk, should I/we fail to complete loan repayments as per the loan agreement with the lender. Per the terms of the Bounce Back Loan Scheme, neither the lender nor the government as guarantor will seek to enforce the loan against my/our main home or main vehicle:*

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9. I/We understand that this Top-Up, made under the Bounce Back Loan Scheme , is not subject to the usual consumer protections that apply to business lending and as such I/we will not have the benefit of the protection and remedies that would otherwise be available to me/us under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974:*

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10. I/We understand that the lender will not conduct any form of credit or affordability check and accepts no responsibility, whether arising in contract, tort (including negligence) or otherwise, for my/our decision to borrow. I/We also understand that the lender may register its Bounce Back Loan with credit reference agencies, and that my credit rating may be affected by any failure or delay in repaying:*

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11. I am/We are aware that, if I am/we are in any doubts as to the consequences of the agreement not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I/we should seek independent legal advice. I/We acknowledge that the lender is not responsible for informing me/us about these consequences:*

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12. I/We make the data protection declaration and, if relevant have provided notice of data processing to relevant individuals:*

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13. For Top-Up applications being submitted on behalf of limited companies, unincorporated associations, charities, or partnerships: I/We declare that I/we are submitting this form in accordance with my/our company/partnership/charity/unincorporated association signing mandate:*

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14. I/We recognise that by providing information that is inaccurate or incomplete in any material particular, I/we may be regarded as attempting to gain, or gaining, a financial advantage dishonestly and as such will be liable to criminal prosecution for fraud under the Fraud Act 2006 (or equivalent law in Scotland) (for which the penalties include imprisonment or a fine or both), as well as to the forfeiture of all loan proceeds together with interest and court costs:*

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15. I/We confirm that the information provided in this application is complete and accurate:*

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Section 5 - Borrower's Signature(s)

Please complete below and submit the form. In signing, I/we confirm that I/we have authority to bind my/our organisation to this agreement, noting that personal liability may exist if I/we apply without such authority.

 

Once we have validated the information on your application and confirmed your eligibility, you and all required signing authorities will receive your completed application form, facility letter and any other associated documents to sign electonically. The online electronic signature service is provided by our partners DocuSign, Inc. For more information about how DocuSign works click here.

 

 

As you have not provided your consent for use of DocuSign, you and all required signing authorities will receive your completed application form, facility letter and any other associated documents to sign by post to your registered business address. Please ensure all parties to the account sign and return these forms.

 

Borrower 1

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Borrower 2

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Borrower 3

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Borrower 4

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Important Information

 

Before submitting this application please review the information you have completed to ensure it is accurate and complete. By submitting you are confirming that you have authority to bind your business or organisation to this agreement, noting that personal liability may exist if you apply without such authority.

 

The information you supply through this application form will be held and used by us to process your request. For more information about how we collect personal information about you, how we use it and how you can interact with us about it, visit our Data Protection page.

 

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