Business Recovery Loan Scheme.

[jendan]

An article on this on page 28 of this weeks Farmers Weekly. Due to start on April 6th. Does anyone know anything about it? @neilo It might be cheaper than a Nat West overdraft?

 

[jendan]

An article on this on page 28 of this weeks Farmers Weekly. Due to start on April 6th. Does anyone know anything about it? @neilo It might be cheaper than a Nat West overdraft?

Plenty views but no replies.No one must know anything about it?

 

[bobk]

Plenty views but no replies.No one must know anything about it?

Has covid affected your business ?

 

[B'o'B]

I'm not sure there is much to know about them yet.

https://www.gov.uk/guidance/recovery-loan-scheme

https://www.gov.uk/guidance/recovery-loan-scheme

 

[bobk]

Eligibility
You will be able to apply for a loan if your business:

• is trading in the UK

You will need to show that your business:

• is viable or would be viable were it not for the pandemic
• has been impacted by the coronavirus pandemic

 

[Still Farming]

New name for BBLS is it?

 

[jendan]

New name for BBLS is it?

I think it is for term loans and overdrafts as well.Probably higher interest rates than the Bounce Back loans,but will be better than nothing if your relationship with your bank is strained.I dont know how it will work yet.If it looks too good to be true,it probably will be.We shall see.

 

[jendan]

Has covid affected your business ?

There are 1,000s of businesses completely borked because of Covid.Banks will not support them anymore and are pulling the plug.I know Barclays are.

 

[Holsteinfriesian90]

Is the bounce back loan ending?

 

[jendan]

Is the bounce back loan ending?

On March 31st i think.

 

[bobk]

There are 1,000s of businesses completely borked because of Covid.Banks will not support them anymore and are pulling the plug.I know Barclays are.

In farming ?

 

[SilliamWhale]

I can't see it being too much more interest than the Bounce Back loan. I mean if you've had your business screwed by Covid they're not going to go silly on interest rates are they.

6 year loan maximum

 

[jendan]

I can't see it being too much more interest than the Bounce Back loan. I mean if you've had your business screwed by Covid they're not going to go silly on interest rates are they.

6 year loan maximum

It says interest capped at 15%........which is nearly loan shark rates.

 

[jendan]

In farming ?

Some that have diversified into the wrong area............Or just the way things have turned out due to Covid.

 

[40 series]

Does anyone know about gett the bbl extended to 10 years

 

[neilo]

Does anyone know about gett the bbl extended to 10 years

Had a letter from HSBC about it yesterday, outlining the options. Apparently they will get in touch again before the first repayment is due.

You can pay interest only for 6 months (up to 3x during the loan), take a 6 month repayment holiday (interest keeps going up in the background), or extend the loan for up to a 10yr term iirc.

All options obviously mean that the loan costs more in total, but at 2.5% it doesn’t make much sense paying it back from borrowed (OD or loan) funds if they are at a higher rate, as most are, so a lot will be delaying it if it suits individual circumstances I would think.