UK GOVT Backed Coronavirus Bounce Back Business Loan

12
Posted 10th MayEdited by:"HMS_Alert"
Just wanted to know if anyone applied for this and got it?
Any personal Credit checks done or only on business?

Please share any experience for applying / receipt.



About:
Small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Community Updates
Ask

Groups

12 Comments
No credit checks, only fraud checks.

all automated and cash with 24-48 hours
Money in account within 72 hours, I presume they check with HMRC for turnover verification. You can apply at any of the participating banks but my application was with my business bank which may have sped things up a little. There's no rush with this though, as you have until 4th Nov to have this arranged. I just took the view that this reasonable offer may be revamped at some stage.
Edited by: "OllieSt" 10th May
No check with HMRC for turnover confirmation, as you have to self certify that the information submitted is correct. If a new business you can input your projected turnover on the application.
As as far as I am aware you can only apply at your own bank as you have to input your account details on the application
gym.lougar10/05/2020 17:59

No check with HMRC for turnover confirmation, as you have to self certify …No check with HMRC for turnover confirmation, as you have to self certify that the information submitted is correct. If a new business you can input your projected turnover on the application. As as far as I am aware you can only apply at your own bank as you have to input your account details on the application


Pretty sure you can apply elsewhere, unless I've misunderstood. Starling for example

moneysavingexpert.com/new…ed/
I had been (half jokingly) considering a bb loan even if not affected as govt will probably apply tax increases to everyone regardless of if they used business planning / saving to avoid a situation like this, much like low interest rates currently penalise savers to help the 'now now now' type. I'll be eligible for just under £40k, even if I do nothing with it starling will pay £200 interest. Or it buys a tesla with 12 months interest free. Does that count as investment or working capital?
MrKrabs10/05/2020 18:08

Pretty sure you can apply elsewhere, unless I've misunderstood. Starling …Pretty sure you can apply elsewhere, unless I've misunderstood. Starling for examplehttps://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/


Starling launch tomorrow and appear to be the only bank where non-customers can apply. If applying at another bank from where your account is based, it looks like that you do need to open a new business account.
Thanks all for your replies
gym.lougar10/05/2020 17:59

No check with HMRC for turnover confirmation, as you have to self certify …No check with HMRC for turnover confirmation, as you have to self certify that the information submitted is correct. If a new business you can input your projected turnover on the application. As as far as I am aware you can only apply at your own bank as you have to input your account details on the application


That's not quite true

In some instances, the lender may ask you for additional information, such as an HMRC self-assessment tax return. Applications from eligible borrowers will be subject to customer fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
MrKrabs10/05/2020 18:08

Pretty sure you can apply elsewhere, unless I've misunderstood. Starling …Pretty sure you can apply elsewhere, unless I've misunderstood. Starling for examplehttps://www.moneysavingexpert.com/news/2020/05/small-business-boost-as-bounce-back-loans-launched/


You can
Does anyone know how long this will be available for? I'm not sure what amount to apply for and don't want to miss out. Also am I right in thinking that if I took the loan and didn't use it and simply paid back within the 12months there would be no charge?
devs18/05/2020 13:40

Does anyone know how long this will be available for? I'm not sure what …Does anyone know how long this will be available for? I'm not sure what amount to apply for and don't want to miss out. Also am I right in thinking that if I took the loan and didn't use it and simply paid back within the 12months there would be no charge?


Suppose to be available till end Oct but you never know. Yes no charge if paid back within 12m.
HMS_Alert18/05/2020 18:17

Suppose to be available till end Oct but you never know. Yes no charge if …Suppose to be available till end Oct but you never know. Yes no charge if paid back within 12m.


Great thanks for that
Post a comment
Avatar
@
    Text

    Discussions