In the context of UK banking during the COVID-19 pandemic, BBL stands for Bounce Back Loan.
The Bounce Back Loan Scheme
The Bounce Back Loan Scheme (BBL) was a government initiative designed to help small and medium-sized businesses (SMEs) access finance quickly during the COVID-19 pandemic. The scheme allowed businesses to borrow between £2,000 and up to 25% of their turnover, with a maximum loan of £50,000. The government guaranteed 100% of the loan, making it an attractive option for lenders.
- Key Features:
- Loans were interest-free for the first 12 months.
- No repayments were required for the first 12 months.
- The scheme aimed to provide quick access to funds.
- The scheme closed for new applications on 31 March 2021.
While "BBL" might have other meanings in different banking contexts, within the UK between 2020-2021, it predominantly referred to the Bounce Back Loan scheme.
