Originally written by Anna Jordan on Small Business
Despite the Bounce Back Loan scheme being extended until the end of January, no high-street banks say they are open to new BBL applications.
As of today (November 3), Starling Bank remains the only accredited lender of 28 that is open to bounce back loan applications from those who bank elsewhere. However, a spokesman told SmallBusiness.co.uk:
“There is currently a waitlist and we are prioritising established business and sole traders who use Starling as their primary account. Eligible customers will be sent an email inviting them to apply, but we can’t guarantee that everyone on the waitlist will receive a loan.”
>See also: Most banks not allowing small businesses to open bank accounts
All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses ‘are effectively locked out of the market’, given they do not bank with accredited lenders.
Kevin Hollinrake, the Conservative MP and co-chair of the APPGFG, told SmallBusiness.co.uk:
“We welcome the extension to Bounce Back Loans (BBLS) and the ability to top up, but it is critical that banks are open for new business including from new customers.
“Over the last few weeks the handful of lenders who were open to new