Business loans, 100% government backed,

[Greythundercloudys]

I guess anyone can apply, how is this going to work, pay back time etc.

 

[Johnnyboxer]

Interest free for 12 months, cheap money

 

[SilliamWhale]

What happens after a year?

I

 

[Pata]

I guess anyone can apply, how is this going to work, pay back time etc.

No idea if anyone can apply. If they can maybe a good time to restructure existing loans

 

[Greythundercloudys]

Surly you can pay it back over afew years?

 

[jendan]

No idea if anyone can apply. If they can maybe a good time to restructure existing loans

You have to go through your bank in the normal way,and prove why you need the loan due to Corona virus.

 

[bobk]

You have to go through your bank in the normal way,and prove why you need the loan due to Corona virus.

So you can't upgrade the RR then ?

 

[Lincs Lass]

Erm,,,,12 months interest free ,,11 months later company conveniently goes into liquidation with an empty bank account ,,my cynical mind is working overtime

 

[Greythundercloudys]

So if you borrow 24000 grand, get it on the 1st June, then pay 2 grand a month for 12months, l think most small business will take along time to get going again after this alot won't be in business in 12months time to pay it back.

 

[Formatted]

Are you guys thick? 12 months interest-free and then 5 years on top of that to pay it off

 

[Al R]

Are you guys thick? 12 months interest-free and then 5 years on top of that to pay it off

How much are you going for then? Saw something earlier that said between 25000 - 5million, has to be under 1/4 of your annual earnings that you submit for though? Is this right? What’s the rates after 12 months ? Some people will surely use this to pay overdrafts off if it’s such a good deal?

 

[Still Farming]

Upto 50k
Small business loan starts Monday and money in bank in 24hrs allegedly???

 

[jendan]

So you can't upgrade the RR then ?

Doesnt look like it.

 

[Still Farming]

[Withdrawn] Apply for a coronavirus Bounce Back Loan

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.

www.gov.uk

 

[stewart]

Erm,,,,12 months interest free ,,11 months later company conveniently goes into liquidation with an empty bank account ,,my cynical mind is working overtime

Surely your banks are not that naive, they would take out personal guarantees, or hold a mortgage over the assets.

 

[Still Farming]

Surely your banks are not that naive, they would take out personal guarantees, or hold a mortgage over the assets.

GOVERNMENT not banks looks like?

 

[stewart]

GOVERNMENT not banks looks like?

The Government is only guaranteeing the loan, it would still be through the normal banking process (or at least that how I read it ).

 

[Still Farming]

The Government is only guaranteeing the loan, it would still be through the normal banking process (or at least that how I read it ).

Half and half adminster it possibly?

 

[jendan]

GOVERNMENT not banks looks like?

The loans are given by government approved lenders,which are the main high street banks,plus some smaller challenger banks,and a peer to peer lender,Funding Circle has been fast tracked for approval. It wont be any easier to get money out of them.

 

[Still Farming]

The loans are given by government approved lenders,which are the main high street banks,plus some smaller challenger banks,and a peer to peer lender,Funding Circle has been fast tracked for approval. It wont be any easier to get money out of them.

Well thats not message their trying to send out to struggling businesses!