Jul 7, 2020

HSBC glitch led to thousands of small business loans in the wrong name

A technical glitch has meant thousands of government-backed small business loan offers to HSBC customers were sent under the wrong name. "We are aware of an administrative error that has impacted a small number of our bounce back loan facility offer letters," the bank said. Mr Basanta said that he didn't want to sign the original loan offer letter from HSBC because he worried that he would be personally liable for the money, and because the money was not meant for him individually. In context, the bank has approved about 140,000 bounce back loans worth £4.55bn in a matter of a couple of months - the same number of small businesses loans it would normally make in 10 years. The Bounce Back Loans scheme began in May and offers loans of up to £50,000.

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