Questions you may have about Bounce Back Loans

After you complete stage one of your application, we'll send you two emails.

The first is a confirmation of the submission. We'll send this from no-reply@mail.olafs.rbs.co.uk. The second email contains your application reference, and a link to complete your documents online. This will be sent by echosign@echosign.com.

Ensure you check your junk or spam folder.

If you still haven't received these emails, it's possible that an incorrect email address was entered. If this is the case, you'll need to resubmit your application.

To access your documents, you'll need to enter a unique passcode for additional security. We'll send this to the mobile number you provided. You'll be given the option to receive this as a text message, or via a voice call.

Check the phone number you supplied when submitting your initial application. This will be in the summary of your application, which you can find in the first email we sent you. We'll have sent this from no-reply@mail.olafs.rbs.co.uk.

If this is incorrect, you'll need to resubmit your application. If it's correct, make sure you're connected to your mobile network. If it's still not come through, please get in touch.

After you complete the first stage of your application, we'll send you two emails.

The first is a confirmation of the submission, sent from no-reply@mail.olafs.rbs.co.uk. The second email contains your application reference, and a link to complete and submit your documents online. This will be sent by echosign@echosign.com.

The application reference starts with 'CS'. Please keep a note of this reference, you'll need it to access your completed secure application documents later.

Once you've signed your loan agreement and returned this to us online, we'll aim to send the funds to you within 3 working days.

No, you'll only be able to apply for one loan through the Bounce Back scheme, and you won't be able to adjust this once you've been approved. Carefully consider what funds you'll need before applying. You can apply for between £2,000 and £50,000 via a Bounce Back Loan.

You can apply for a Bounce Back Loan if you are a UK resident and your business:

Is looking to borrow from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover)

Is based in the UK

Has been adversely impacted by coronavirus

Was not an 'undertaking in difficulty' on 31 December 2019

Has not already been approved for a Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan or the Bank of England's Covid Corporate Financing Facility

These business types will not be able to apply:

Banks, insurers and reinsurers (excluding insurance brokers)

Public-sector bodies

State funded schools 

Currently, the only way for our existing business banking customers to apply for this loan type is via online application on our website.

We're working to create an alternative, non-digital application journey. We'll confirm details on the Bounce Back Loan page when this is ready.

With a Bounce Back Loan, you can apply for lending from £2,000 up to £50,000 (to a maximum of 25% of your annual turnover). It's offered over a fixed 6 year term, though there are no fees if you want to repay the loan early. The loan is 100% guaranteed to the lender by the government, with no personal guarantees needed, however the loan holder remains 100% responsible for the debt.  You will need to self certify affordability.

The Bounce Back Loan Scheme is provided through a government scheme and does not benefit from the same level of consumer protection as our other loans. If you are in any doubt about whether this loan is right for you, you should take legal advice.

Under CBILS, you can apply to borrow between £50,001 and £5m over a term of up to 6 years. No early repayment fees apply. The government guarantees 80% of the loan to the lender however the loan holder remains 100% responsible for the debt and security may be required. Loans are subject to the Bank's affordability criteria.

Both offer an initial 12 month repayment holiday (this may mean you pay more interest over the term).

Yes, you can still apply for a Bounce Back Loan providing you meet the criteria for this loan type. See our Bounce Back Loan page for details.

The Bounce Back Loan Scheme replaces CBILS for loans up to £50,000.  So we’re planning to complete your application under the Bounce Bank Loan Scheme instead. 

You'll receive an email asking you to confirm that you're happy for us to progress.

It’s quick and simple and there’s no affordability assessment, or impact on your credit score. Once complete, the money will be credited within 3 working days. 

Alternatively, start a new Bounce Back Loan application on our website. 

If you've been approved for up to £50,000 under CBILS, we'll get in touch with you about switching to the Bounce Back Loan scheme.

If you hold a personal current account and operate a business, you'll need to open a feeder account* to enable a Bounce Back Loan application to be funded. This account will purely be used to facilitate your loan and will be free of any transaction charges.

To open the feeder account, apply for a Bounce Back Loan. You’ll be guided to open a loan servicing account. We'll prioritise your application for this account. Once open, you then need to apply for a Bounce Back Loan.

To help us process your request as quickly as possible, record in business description comments that your application is for BBLS Feeder.

*You can only open a feeder account if your business was established before 6 April 2019. If your business was established after this date then you are required to open a business current account before you can apply.

With unprecedented demand we're currently prioritising existing customers. Bounce Back Loans are available to existing Royal Bank customers on or before 4 May 2020. If you opened a Royal Bank Business bank account after this date, you will not be able to apply for a Bounce Back Loan with us.

To access a Bounce Back Loan, please contact your current bank. If they are unable to assist, a list of accredited providers is also available on the British Business Bank website.

Yes, simply proceed through the normal application process.