Starling, the digital bank has been accredited by the British Business Bank as a lender under the government-backed Bounce Back Loan Scheme (BBLS). Starling will be accepting applications for BBLS loans from Monday 11th May 2020. Applications can be made via Starling’s secure online banking channel.
Starling, which has opened 150,000 business accounts, will offer the following to small and medium-sized enterprises:
- Term loans of between £2k and £50k
- Interest and fee free loans for the first 12 months
- Fixed rate at 2.5%
- Lending of up a maximum of 25% of the SME’s annual turnover
SMEs can apply for a Starling BBLS term loan, if their business:
- Uses Starling as their main business account
- Has been negatively impacted by coronavirus
- Was established and trading by 1 March 2020 (inclusive)
More details about Starling’s BBLS criteria can be found on the Starling Bank website. This accreditation follows Starling’s participation in the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
