For this loan, the cost of your monthly repayment is made up of two parts: Please note, figures correct assuming drawdown on the 10th May 2020. All rights reserved. As a Sole Trader, what do I need to provide? Our Privacy Notice sets out how the personal data collected from you will be processed by us. To apply for a sole trader account you’ll first need to open a personal account. You can still open a new Starling business account, but opening a business or sole trader account at Starling does not guarantee that you will be approved for a loan under the Bounce Back Loan Scheme or any other lending scheme. Essential cookies help you to access the website and each of its web pages and sub domains, by enabling basic functions like cookie consent. Starling Bank have also been approving many of the applicants who they invited to do so and who applied late last week, so if you are one of the next batch of people they invite to apply for a Bounce Back Loan moving forward be aware that it can take up to a week for them to look at your application and approve you (hopefully) and they are fast out paying too, usually a day or so after signing. Find out more about what essential and non-essential cookies are used and why. This is to confirm that your business was trading on 1st March 2020. I’ve been declined a Bounce Back Loan with Starling. If your limited company was incorporated after the 1st March 2020, then you are not eligible to apply for a Bounce Back Loan on behalf of this company. As an accredited lender, Starling is offering loans under this scheme. Demand for Bounce Back Loans remains high. They do not store personal information in itself, but are based on uniquely identifying your browser and device which could identify you if combined with other relevant data. If you can’t find your UTR on your documentation, please get in touch with HMRC. A recently accredited Bounce Back Loan lender, Funding Circle are only offering Bounce Back Loans to their current customers, and ones that they have invited to apply for them. You could be subject to legal proceedings if found to have more than one Bounce Back Loan for your business. Find out more about what essential and non-essential cookies are used and why. There are a few conditions that the British Business Bank have set out, such as that your business operates in an eligible sector and that it’s not insolvent. We process applications as quickly as possible and some cases take longer than others. Download the app from your phone to apply for an account. Yes, but we will use your latest tax return to validate the turnover you state in your application. To provide you with the full functionality of our website. If you need to borrow more than £50,000 to support your business, a Coronavirus Business Interruption Loan Scheme (CBILS) loan or overdraft may be more suited to your needs. This will contain instructions on how to apply. All sole traders applying for a Bounce Back Loan with Starling will need to provide their tax returns as part of their application. Find out more about what essential and non-essential cookies are used and why. More details on eligibility criteria can be found on our Bounce Back Loan pages. Your business is not using the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bank of England’s Covid Corporate Financing Facility Scheme (CCFF), unless the Bounce Back Loan will refinance the whole of the CBILS, CLBILS or CCFF facility. Apply for the CBILS with Starling. Log in with your personal or business account. These cookies may be used by the cookie provider to build a profile of your interests and show you relevant advertisements on other sites. Starling Bank has found itself facing hurdles with its Bounce Back Loans (BBL).. Anne Boden’s bank first began facing backlash after it stopped accepting new sole trader business accounts because of “record demand” on 14 May 2020.. YouTube. From 1 January 2021, a new points-based immigration system will apply for people arriving to work in the UK. The Coronavirus Business Interruption Loan Scheme (CBILS) The CBILS is available for loans from £50,001 up to £250,000. I’ve already applied for a BBL with Starling but haven’t yet been accepted. No, there is no guarantee your application will be accepted. You will receive an email when we are able to invite you to apply for a Bounce Back Loan. Starling confirmed that I’d been successful by 5.15pm on Wednesday 13th and the money was in my account by 9.15pm.” July 2, ... NatWest Declined My Bounce Back Loan Application. You will be able to extend the term of your loan to 10 years, You will be able to take one capital and interest repayment holiday of up to 6 months after you have made a repayment on your loan, You will be able to take up to three interest repayment holidays of up to 6 months. Please note, figures correct assuming drawdown on the 10 May 2020. Can I apply for a bounce back loan? Disclose information about your Bounce Back Loan to the credit reference agencies. We won’t ask you to pay lender fees or interest (even if you default), but if the Bounce Back Loan isn’t repaid when it’s due, we will charge interest at 2.5% a year, and stop charging it as soon as you’ve repaid. "Initially, I was getting my labels printed (by another company). 09092149), 3rd floor, 2 Finsbury Avenue, London EC2M 2PP. The business Bounce Back Loan Scheme (BBLS) The business Bounce Back Loan Scheme provides loans of £2,000 to £50,000. If you already have a Bounce Back Loan, you can’t apply for a second one. Please can I cancel my registration of interest? We know this is earlier than you would normally do your tax return, but it will help us verify your business. They cannot be disabled. Find out more about Bounce Back Loan Top-Ups, including how to apply. This includes information about the amount that’s been missed, what you can do if you’re having trouble with repayments (and in what timescales) and any impact on future repayments. Business Bounce Back Loans; Money transfers. Essential cookies help you to access the website and each of its web pages and sub domains, by enabling basic functions like cookie consent. Regular information about your Bounce Back Loan (on at least an annual basis). Do I need to be a Starling business customer? If you’re not yet a business customer, you do need to apply for a business account before applying for a Bounce Back Loan. No, we are not taking any Personal Guarantees or any other security under this scheme. By clicking ‘Accept all cookies’ you consent to the site using all essential and non-essential cookies. This will happen every month for 12 months starting exactly one month after you receive the Bounce Bank Loan. Your business has a Starling business account that is being used or is intended to be used as your business’ primary account. The help and assistance options available to you, including sources of free independent advice. We’ll provide information in a way that’s clear, fair and not misleading. You are required to use Starling as your main business bank account if you’re … The scheme provides access to government-backed loans from £2,000 to £50,000 and is open until 31 January 2021. Bounce Back Loan Top-Up update: The government has announced changes to the Bounce Back Loan Scheme, including allowing borrowers to Top-Up loans. As a sole trader, if I traded in 2018/19 and 2019/20 do I need to submit both tax returns? Our position, unfortunately, means that we cannot offer you a loan if you already have an existing loan with us for one of your other businesses or you have applied for a Bounce Back Loan for one of your businesses and been declined. How do I proceed and accept the loan? ... Starling Bank is registered in England and Wales as Starling Bank Limited (No. Whatsapp. Apply for the CBILS with Starling. Your cookie preferences. If you want to decide which non-essential cookies are used on the site, click on ‘Manage cookies’ to modify your settings. Should you wish to make a complaint, please visit our How to complain page which includes details of our complaints handling procedure and your right to complain to the Financial Ombudsman Service. If you’ve already registered your interest, you won’t need to do so again - we’re processing requests as quickly as we can and will reach out to you on an individual basis. You cannot apply for a Bounce Back Loan with Starling if you are in the process of applying for one with another lender or have received one from another lender. You will not need to make any (principal or interest) repayments in the first 12 months.