Business

Bank of Ireland secures accreditation for bounce back loans

Bank of Ireland's Belfast headquarters on Donegall Square South.
Ryan McAleer

ALL four of the north’s main banks have secured accreditation for the UK Government-backed bounce back loan scheme (BBLS).

The Bank of Ireland confirmed on Wednesday that it has now been approved for the scheme, which is aimed at small businesses.

However, the lender’s business customers may have to wait a number of days before they are able to submit applications online.

Launched on May 4, BBLS offers loans of up to £50,000 to small and micro businesses. The loans are 100 per cent backed by the UK Government, with no interest for the first year.

The streamlined process, involving a two-to three-page online application, has seen many small firms receive funds in less than two days.

Applications have been live on Danske Bank and Ulster Bank’s websites since Monday May 4, while AIB secured accreditation on May 7. However AIB has yet to provide an online application on its business website.

Danske Bank said on Tuesday that it had approved £50m in BBLS in the first week.

In a message to its business customers, Bank of Ireland UK said: “We are delighted to have recently become an accredited lender for the bounce back loan scheme and are working hard to open applications to existing customers in the coming days.”

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