- Location
- Exeter, Devon
Bank of Scotland just have it as a tick box too. Also part of the Lloyds group of course. No written justification needed.
Business loans, 100% government backed,
- Thread starter Greythundercloudys
- Start date
Is there any criteria on what the money must be spent on?
- Location
- Montgomeryshire
ISCO
Member
- Location
- North East
Barclays refers to 17k state aid. Gov.uk definition of state aid would not include Bps the way I read it.
livestock 1
Member
Given taxpayers money
- Location
- Hereford
Hopefully not .....£50,000 equates to 66000 cans of Thatchers !
livestock 1
Member
I suppose everyone is effected
TheTallGuy
Member
- Location
- Cambridgeshire
The issue of the loan will be registered on the credit history, there will then be 12 months where no payments registered even though payments are not due, this may affect a credit scoring system result - though it shouldn't be as significant as a default registered on the file.
For instance I used an interest free finance deal for some equipment, the first 12 months are interest & payment free & then a three year payback with interest in much the same way that these loans operate; I'm on track to pay back the full amount in under 12 months, but timing meant that one payment didn't show as being within a particular month & I lost a few points on ClearScore plus given a recommendation to make regular payments.
Johnnyboxer
Member
- Location
- Yorkshire
You have to declare if you have received State Aid previously, on the HSBC portal
- Location
- Hereford
Brother in law applied with Santander for 10,000 yesterday . He clicked the send button at 9.02 am ,had an reply email by 12 which asked him to sign a declaration of acceptance and he had an email at 9.53 this morning saying the funds will be in his account by tomorrow . He says now he wished he had gone for the full amount he was entitled to .
Johnnyboxer
Member
- Location
- Yorkshire
Bounce Back Loan Scheme
The Bounce Back Loan Scheme (BBLS) is designed to support small and medium-sized businesses who have been affected by coronavirus (COVID-19). The Government guarantees 100% of the loan.
www.business.hsbc.uk
- Location
- Somewhere in time
I dont understand the enthusiasm? it wasn't hard to get a bank loan before, they already gave you a interest break or some such deal, if you needed a loan you'd already have one? If you could afford a loan you'd already have one?
Most already have a loan and this one doesnt involve talking to the manager or proving how you can pay it back.
fieldfarmer
Member
What loan could you get before that if you repaid the entire amount before the 12 months were up was free to use? ( or have I misted some small print)
So if you’ve got nearly enough to buy a house outright, can you get the £50k to top that up . Ie a cheap mortgage
- Location
- Hereford
Interesting point that
Shughie McFee
Member
f**k me this all seems complicated
fieldfarmer
Member
I would guess in a round a bout way that would be fine, its all money going into the economy and that what a bounce back loan is for.