Business loans, 100% government backed,

[ridger]

I agree with the poster who said that loans shouldn't have to start being repaid until after all the lockdowns. I don't mind paying it back but would need cashflow first

 

[Still Farming]

 

[Sonoftheheir]

We had a BBL last May, bought some machinery to go in a potato packing line. Due to hardly any spud sales in January we’ve asked the bank for a overdraft increase, they said they didn’t want to do it and have suggested we apply for a Business interruption loan, half to pay the BBL back and half for cash flow. Are they up to something? And do I wait to see what the budget says?

 

[d williams]

We had a BBL last May, bought some machinery to go in a potato packing line. Due to hardly any spud sales in January we’ve asked the bank for a overdraft increase, they said they didn’t want to do it and have suggested we apply for a Business interruption loan, half to pay the BBL back and half for cash flow. Are they up to something? And do I wait to see what the budget says?

Why not just repay the bbl over the next 5 years instead of starting a new loan agreement??

 

[fieldfarmer]

Why not just repay the bbl over the next 5 years instead of starting a new loan agreement??

Exactly, the new loan the bank want him to take out will be secured against assets, and probably not at such low interest rate against such a long payback.

 

[d williams]

Exactly, the new loan the bank want him to take out will be secured against assets, and probably not at such low interest rate against such a long payback.

And fees probably the barstewards

 

[Renaultman]

And fees probably the barstewards

Guaranteed.

 

[Sonoftheheir]

Exactly, the new loan the bank want him to take out will be secured against assets, and probably not at such low interest rate against such a long payback.

Yes I was thinking it was to do with interest rates, they can more or less charge what they want with the loan where as the BBL is 2.5% isn’t it?

 

[Sonoftheheir]

The other thing they mentioned was that by taking out a new loan and paying the BBL loan back we’d get another year of no payments to make?

 

[SilliamWhale]

You can have 10years on the bbl

 

[Sonoftheheir]

You can have 10years on the bbl

Yes and another 6 months extension on paying it? So 18 months without a payment?

 

[ridger]

Yes and another 6 months extension on paying it? So 18 months without a payment?

But it still has to be paid, so better to get started surely? I tried to pay some of mine off but it won't let me yet.

 

[Sonoftheheir]

But it still has to be paid, so better to get started surely? I tried to pay some of mine off but it won't let me yet.

Haven’t got to start paying off for another 3 months yet, I’m not sure when I’ll get the options on what to do and when ?

 

[ridger]

Haven’t got to start paying off for another 3 months yet, I’m not sure when I’ll get the options on what to do and when ?

My either. Its not very clear.

 

[Sonoftheheir]

My either. Its not very clear.

I did have an email from Lloyd’s saying payments start in 3 months, but no other detail.

 

[Renaultman]

I've heard nothing at all from Yorkshire bank, hopefully they've forgotten about it

 

[J 1177]

I've heard nothing at all from Yorkshire bank, hopefully they've forgotten about it

U never know they might write them all off

 

[Renaultman]

U never know they might write them all off

I could live with that

 

[SilliamWhale]

But it still has to be paid, so better to get started surely? I tried to pay some of mine off but it won't let me yet.

Depends. If you have other projects you want to invest in this will be cheap to leave as long as possible

 

[unlacedgecko]

Back in them days though people had a bit of fire in there belly’s and a work ethic... loose 100 in a night but built 110 over night [emoji23] these days would take 3 years of planning just too think about making 1

Trained crews are more difficult to replace.