Business loans, 100% government backed,

[Cowabunga]

Where is the vetting???? When wonga did it is was called mis-selling.
In 6 years you may be entitled to compensation from the HM gov

It's called 'corporate responsibility'. This loan is not available for personal banking customers, only to established business account holders with the bank which facilitates the loan. The terms are clearly spelt out in not too many words and the responsible agent for the business has to both apply for it and sign appropriately that they have understood and agreed to the terms.

 

[D14]

Out of interest, do you work for somebody or have a business?

Yes it wasn't very well put really was it. What I was getting at is applicable to me in that we have two business's. One's ltd and ones a partnership. If we take two bounce back loans out one of each business but then remove the 'extra' amount from the ltd company, over what would normally be there, would incur extra tax on our part.

 

[CollCrofter]

@Oldmacdonald @Frodo2 Aye same, I actually got two! Thought about it for a brief second

IF I get a loan I think I'll wait till August-ish and spend it all on Ewe lambs and flog them as gimmers, pay it back before the interest kicks in. Definitely an opportunity to invest properly and not buy toys. I've often wanted to utilise more of our hill with buying ewe lambs and sellling as gimmers but never really had the spare cash to do so

 

[Frodo2]

There’s two different schemes are you on the bounce back ??
Question I was asked do you revive more than 17k state aid there was three businesses being asked fishies Agri and transport

Definately Rbs bounce back. I am certainly within the limit, so shouldn't be anything to worry about. Would I be correct in saying the interest relief in Bps loan scheme we have in Scotland is in this category.

 

[livestock 1]

Where is the vetting???? When wonga did it is was called mis-selling.
In 6 years you may be entitled to compensation from the HM gov

Hardly because the 2.5% won’t even be as much as inflation over the 5 years

 

[Werzle]

Filled in the online form with lloyds at 17.10 last night , no E signatures or paperwork to sign. Money in the account today. First rate service. Buy more stock with it now and pay back within 12mths.

 

[caveman]

Filled in the online form with lloyds at 17.10 last night , no E signatures or paperwork to sign. Money in the account today. First rate service. Buy more stock with it now and pay back within 12mths.

Meanwhile.
Some will sell stock now for good money with all those buyers out there and buy cheap next year when the stock is being pitched to pay off the loans.

 

[Werzle]

Meanwhile.
Some will sell stock now for good money with all those buyers out there and buy cheap next year when the stock is being pitched to pay off the loans.

Trading is what the government wants.

 

[som farmer]

perhaps the thing to do, would be to sell stock now, with all these cheap loans, and buy back later, when loads of stock, on the market, and times are tighter.

 

[Shropshire Farmer]

Filled in the online form with lloyds at 17.10 last night , no E signatures or paperwork to sign. Money in the account today. First rate service. Buy more stock with it now and pay back within 12mths.

Not heard anything back from HSBC as yet

 

[Werzle]

Not heard anything back from HSBC as yet

I was expecting another email or phone call today but checked the account today and money was in.

 

[Werzle]

perhaps the thing to do, would be to sell stock now, with all these cheap loans, and buy back later, when loads of stock, on the market, and times are tighter.

Everybody needs to do what they think will work for them. For many doing nothing with it will still save hundreds if not thousands in OD charges for 12mths so i wouldnt rush to spend it. I can see stock prices rising and machinery dealers upping prices in the short term.

 

[som farmer]

anybody been refused ? All the yea's, but how many nay's !
if we apply, it will only be carefully spent, on what, we either need, or what will save us money

 

[Shropshire Farmer]

I was expecting another email or phone call today but checked the account today and money was in.

Did you have any correspondence from them after filling in the initial form on the HSBC portal ?

 

[Hfd Cattle]

Well I've just come back from the builders merchant. 3 men in there all reckoned they applied mon morning and 2 have received the maximum of £50,000. The other still waiting . One of them was saying that if they pay for their materials on the day they pick them up they get a 10% discount. He has a large extension to do in the next few months so it means he can finance it and get the 10% discount ....a good bit of business I reckon .

 

[Cowabunga]

Filled in the online form with lloyds at 17.10 last night , no E signatures or paperwork to sign. Money in the account today. First rate service. Buy more stock with it now and pay back within 12mths.

Lloyds seem to have a better grip on it than NatWest so far.

 

[Werzle]

Did you have any correspondence from them after filling in the initial form on the HSBC portal ?

I bank with lloyds so did it on the lloyds website, had an acceptance subject to further checks email straight after pressing the submit button last night thinking i would get further emails today but none came and moneys in.

 

[n.w]

I bank with lloyds so did it on the lloyds website, had an acceptance subject to further checks email straight after pressing the submit button last night thinking i would get further emails today but none came and moneys in.

Thats exactly how it went for me [Bank of Scotland}

 

[Johnnyboxer]

Well I've just come back from the builders merchant. 3 men in there all reckoned they applied mon morning and 2 have received the maximum of £50,000. The other still waiting . One of them was saying that if they pay for their materials on the day they pick them up they get a 10% discount. He has a large extension to do in the next few months so it means he can finance it and get the 10% discount ....a good bit of business I reckon .

Still got to pay the repayments though and and in a year’s time (like a DFS sofa) he might have forgotten he took it out and why he’s got to find £1000/month

 

[digger64]

Filled in the online form with lloyds at 17.10 last night , no E signatures or paperwork to sign. Money in the account today. First rate service. Buy more stock with it now and pay back within 12mths.

Is your farm understocked ? If not wouldn't lottery tickets be less work and have similar potential ?