Enterprise Finance Guarantee (EFG)
- Launched in 2009 and replaced by Coronavirus Business Interruption Loan Scheme in 2020.
- Businesses were able to borrow from £25,001 to £1.2 million on a term loan providing their turnover was no more than £41 million.
- Terms were available of up to 10 years for loan values up to £600,000. Any loan value above £600,000 was subject to a maximum term of 5 years.
- A premium of 2.00% per annum of the outstanding capital amount is payable by the customers for the guarantee provided to the Bank by the Department for Business, Energy and Industrial Strategy during the lifetime of the loan.
Frequently asked questions
If you no longer need the loan, you can choose to pay it back early. There are no early repayment charges. Please speak to your relationship manager or contact us on 0800 756 0800.
You can repay all of your loan early or you can make part repayments (subject to a minimum of £1,000), without charge. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss available options. Opening times are Monday to Friday, 8am to 6pm.
A term extension option can be considered and is subject to additional criteria being met. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss options available.
You are able to switch your Business Current Account to another provider while retaining your business loan with Virgin Money, however you will require a Virgin Money fee-free loan servicing account. A fee-free loan servicing account is not a Business Current Account.
You can visit our Business Current Account page to find out more about Business Current Accounts available at Virgin Money before choosing which type of account you wish to open. If you need more information on a fee-free loan servicing account, you can contact us on 0800 756 0800.
We're committed to providing you with the best possible service. Most customers are happy with our service, but sometimes we don't get it right first time. We take complaints very seriously and always say sorry when we make mistakes or don't live up to our high standards.
The Financial Ombudsman Service is an independent organisation which helps to resolve complaints that customers and financial institutions haven't been able to resolve themselves. If you are not satisfied with our response, or if we've been unable to resolve your complaint within eight weeks, 15 calendar days for payment related complaints, you can refer the matter to them.
Further information can be found online on Managing your complaints.
Bounce Back Loan Scheme (BBLS)
- Launched 4 May 2020 and closed to new applications on 31 March 2021.
- Businesses could borrow up to 25% of 2019 turnover on a term loan, from a minimum of £2,000, up to a maximum of £50,000.
- Loans were available for a term of up to 6 years.
- No capital or interest repayments required for the first 12 months of the loan.
Further in-scheme options were made available, including BBLS Top Ups on 10 November 2020 closing on 31 March 2021 and Pay As You Grow.
Frequently asked questions
When you applied for your Bounce Back Loan, you declared that you understood that:
- You are fully liable for all repayments, and if you are unable to meet these obligations, this could negatively affect your credit score.
- The 100% Government guarantee is provided to cover any losses the lender makes and does not cover any losses that you might suffer if you are unable to meet your payment obligations.
- We would not carry out any affordability checks on your application.
We'll provide each borrower with the following information during the term of the loan:
- Timely and clear information that enables a borrower to understand that, where they fail to make payments under the loan, the amount missed, what can be done to remedy the missed payments, in what timescales and the impact (if any) on future repayments.
- Upon default by the borrower, information about any proposed action we may take in respect of the loan, prior to us taking such action.
- A statement (on at least an annual basis) setting out the details of the payment transactions on the loan during the period since such information was provided and amounts outstanding under the loan.
- Information on options available to the borrower for help and assistance, including sources of free independent advice.
You received a payment holiday the first year of your loan, with the interest being paid for by the Government via a Business Interruption Payment.
After the first 12 months, monthly repayments commence to repay the amount you borrowed plus interest from the date your repayment holiday ends.
You will see two payments leave your account each month:
- Monthly repayments will begin in the 13th month after the loan has been drawn down.
- Interest will be paid on the first business day of the month regardless of when the capital instalments are paid.
Your last capital instalment will be made 72 months after drawdown unless you decide to repay your loan earlier or extend the term through use of the 'Pay As You Grow' options outlined within the BBLS PAYG section.
You can repay all of your loan early or you can make a one-off part repayment, as well as additional payments on a regular basis without charge. To do this, please speak to your relationship manager or contact us on 0800 756 0800.
If you would like to repay part of your loan early, this will reduce the term over which your loan is repaid. For example, if your monthly payment is £500 and you wish to make a lump sum repayment of £6,000, your loan term will reduce by 12 months. This means that you will finish paying off your loan one year ahead of schedule. By doing this, you will reduce the amount of interest which you pay over the term of the loan.
Alternatively, if you would like to make a lump sum repayment of £1,000 or more and would rather reduce your monthly payment amount but keep the originally agreed term of the loan, please speak to your relationship manager or contact us on 0800 756 0800 for further information. Opening times are Monday to Friday, 8am to 6pm. There are no charges associated with early repayment.
If you no longer need the loan, you can choose to pay it back early. There are no early repayment charges. Please speak to your relationship manager or contact us on 0800 756 0800.
You are able to switch your Business Current Account to another provider while retaining your business loan with Virgin Money, however you will require a Virgin Money fee-free loan servicing account. A fee-free loan servicing account is not a Business Current Account.
You can visit our Business Current Account page to find out more about Business Current Accounts available at Virgin Money before choosing which type of account you wish to open. If you need more information on a fee-free loan servicing account, you can contact us on 0800 756 0800.
We're committed to providing you with the best possible service. Most customers are happy with our service, but sometimes we don't get it right first time. We take complaints very seriously and always say sorry when we make mistakes or don't live up to our high standards.
The Financial Ombudsman Service is an independent organisation which helps to resolve complaints that customers and financial institutions haven't been able to resolve themselves. If you are not satisfied with our response, or if we've been unable to resolve your complaint within eight weeks, 15 calendar days for payment related complaints, you can refer the matter to them.
Further information can be found online on Managing your complaints.
Recovery Loan Scheme (RLS) Phase 1
- Launched 6 April 2021 and closed to new applications on 31 December 2021.
- Businesses could borrow from £25,001 to £10 million on a term loan (maximum £30 million per group).
- Loans were available for a term of up to 6 years.
- Businesses were required to meet the costs of interest payments and any fees associated with the RLS facility from the outset.
Frequently asked questions
If you no longer need the loan, you can choose to pay it back early. There are no early repayment charges. Please speak to your relationship manager or contact us on 0800 756 0800.
You can repay all of your loan early or you can make part repayments (subject to a minimum of £1,000), without charge. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss available options. Opening times are Monday to Friday, 8am to 6pm.
A term extension option can be considered and is subject to additional criteria being met. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss options available.
You are able to switch your Business Current Account to another provider while retaining your business loan with Virgin Money, however you will require a Virgin Money fee-free loan servicing account. A fee-free loan servicing account is not a Business Current Account.
You can visit our Business Current Account page to find out more about Business Current Accounts available at Virgin Money before choosing which type of account you wish to open. If you need more information on a fee-free loan servicing account, you can contact us on 0800 756 0800.
We're committed to providing you with the best possible service. Most customers are happy with our service, but sometimes we don't get it right first time. We take complaints very seriously and always say sorry when we make mistakes or don't live up to our high standards.
The Financial Ombudsman Service is an independent organisation which helps to resolve complaints that customers and financial institutions haven't been able to resolve themselves. If you are not satisfied with our response, or if we've been unable to resolve your complaint within eight weeks, 15 calendar days for payment related complaints, you can refer the matter to them.
Further information can be found online on Managing your complaints.
Recovery Loan Scheme (RLS) Phase 2
- Launched 1 January 2022 and closed to new applications on 30 June 2022.
- Businesses could borrow from £25,001 to £2 million on a term loan for businesses with a group turnover (if applicable) of up to £45 million (maximum £6 million per group).
- Loans were available for a term of up to 6 years.
- Businesses were required to meet the costs of interest payments and any fees associated with the RLS facility from the outset.
Frequently asked questions
If you no longer need the loan, you can choose to pay it back early. There are no early repayment charges. Please speak to your relationship manager or contact us on 0800 756 0800.
You can repay all of your loan early or you can make part repayments (subject to a minimum of £1,000), without charge. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss available options. Opening times are Monday to Friday, 8am to 6pm.
A term extension option can be considered and is subject to additional criteria being met. To do this, please speak to your relationship manager or contact us on 0800 756 0800 to discuss options available.
You are able to switch your Business Current Account to another provider while retaining your business loan with Virgin Money, however you will require a Virgin Money fee-free loan servicing account. A fee-free loan servicing account is not a Business Current Account.
You can visit our Business Current Account page to find out more about Business Current Accounts available at Virgin Money before choosing which type of account you wish to open. If you need more information on a fee-free loan servicing account, you can contact us on 0800 756 0800.
We're committed to providing you with the best possible service. Most customers are happy with our service, but sometimes we don't get it right first time. We take complaints very seriously and always say sorry when we make mistakes or don't live up to our high standards.
The Financial Ombudsman Service is an independent organisation which helps to resolve complaints that customers and financial institutions haven't been able to resolve themselves. If you are not satisfied with our response, or if we've been unable to resolve your complaint within eight weeks, 15 calendar days for payment related complaints, you can refer the matter to them.
Further information can be found online on Managing your complaints.
