These fifty grand loans
Discussion
Gov 'apply' site updated
The long and short of it is that you should apply, in the first instance, through your own bank
https://www.gov.uk/guidance/apply-for-a-coronaviru...
it now links to https://www.british-business-bank.co.uk/ourpartner...
and then this detailed page on various things to do with it
https://www.british-business-bank.co.uk/ourpartner...
The long and short of it is that you should apply, in the first instance, through your own bank
https://www.gov.uk/guidance/apply-for-a-coronaviru...
it now links to https://www.british-business-bank.co.uk/ourpartner...
and then this detailed page on various things to do with it
https://www.british-business-bank.co.uk/ourpartner...
Tyre Smoke said:
No sign of HSBC there.
no mention of the BBL on the hsbc website yet...lloyds has an apply now button https://www.lloydsbank.com/business/coronavirus/bb...
Bit of a nightmare already, the list of banks to uk residents (I've filtered out ni as they get 2 more?!) is as follows:
Barclays
Clydesdale/ybs
Natwest
Santander
Rbs
All require an account with them.
Natwest and RBS are the same bank and they won't let me open an account with them due to a relationship years ago that led us to part ways not amicably.
Santander need to you go in branch to open. No in branch appoints at present due to social distancing.
Clydesdale /ybs have no online account or loan application.
This is certainly not going to be as easy as it was first painted.
Barclays
Clydesdale/ybs
Natwest
Santander
Rbs
All require an account with them.
Natwest and RBS are the same bank and they won't let me open an account with them due to a relationship years ago that led us to part ways not amicably.
Santander need to you go in branch to open. No in branch appoints at present due to social distancing.
Clydesdale /ybs have no online account or loan application.
This is certainly not going to be as easy as it was first painted.
Applied on Santander this morning, literally a five minute job- company number, name and bank account, a contact name and mobile(!) number, 2019 calendar year turnover, or estimate if new business, and an amount requested.
Thought it was going to be turnover from last posted accounts, but I guess it's easier for them to check how much money has been through your bank account in a fixed period. L0oks like it'll be a very quick process if you already bank with them.
Thought it was going to be turnover from last posted accounts, but I guess it's easier for them to check how much money has been through your bank account in a fixed period. L0oks like it'll be a very quick process if you already bank with them.
oobie38 said:
L0oks like it'll be a very quick process if you already bank with them.
And for those of us who don’t, sounds like it’s going to be another hair pulling exercise of trying to get through to various banks seeking to first open an account and pass the necessary DD remotely, before one can be in a position to apply. I’m out.
I was thinking this could (finally) be a positive from the chancellor after being f
ked up the area every other way. Good luck all remaining. 
Shnozz said:
And for those of us who don’t, sounds like it’s going to be another hair pulling exercise of trying to get through to various banks seeking to first open an account and pass the necessary DD remotely, before one can be in a position to apply.
I’m out.
I was thinking this could (finally) be a positive from the chancellor after being fked up the area every other way. Good luck all remaining.
Natwest and Barclays refused me for a basic business account with no explanation (?!). The online application for an account on Clydesdale Bank is terrible and completely buggy no matter which browser I use. Santander require you to go in, but there's no face to face appointments (obviously). I’m out.
I was thinking this could (finally) be a positive from the chancellor after being f
ked up the area every other way. Good luck all remaining. This is terrible.
Phooey said:
Sounds a steal. Can your bank turn you away if it doesn't think you need it? I was thinking of buying another pick-up this year (approx £30k+vat) and stuffing a bit more into my pension via a company contribution. I can't really put them 2 reasons down for needing a 50k loan can I?
I am interested in this at all and would there be any impact on others? My wife and I both have companies eligible but with no need for the loans. Obviously 50K each, interest free for 12 months looks like a free £1500 So in addition to, will they refuse to lend if they can see you don't need it, three more questions if anyone knows. Are there any arrangement or early repayment fees?
Is demand likely to outstrip supply, so would we be taking money from companies that actually need it?
Are there any other downsides, for us or others, we are missing?
Thanks.
fesuvious said:
I've put two applications through this morning.
I'll let you know what happens.
We bank with Lloyds. There was no means of application through the app, only the website. I'm curious how easy or not it will be.
I'm doing it
1)out of curiosity
2)given it can all be paid back having cost nothing (within 12months) it's daft not to.
3) the capital might be useful in the event of a second hammering from this virus
4) if it's not needed and things turn out wonderful I really really want an Ariel Nomad & some home renovations
N.b No. 4 may or may not be a joke.
I will report back how fast either or both are refused or accepted.
Business no.1 has revs of @£800k and business 2 @£300k.
Total borrowing currently is £200k on one loan. No other debts or leases etc etc. Assets well into seven figures.
We shall see......
Likewise, put one through this morning via Lloyds website - although not mentioned as a provider on the 'British Business Bank' (doesn't that sound like a phoney org to start with) - t/o £500k will see what happens. Happy enough with the process, took about 10 mins, no hassle.I'll let you know what happens.
We bank with Lloyds. There was no means of application through the app, only the website. I'm curious how easy or not it will be.
I'm doing it
1)out of curiosity
2)given it can all be paid back having cost nothing (within 12months) it's daft not to.
3) the capital might be useful in the event of a second hammering from this virus
4) if it's not needed and things turn out wonderful I really really want an Ariel Nomad & some home renovations
N.b No. 4 may or may not be a joke.
I will report back how fast either or both are refused or accepted.
Business no.1 has revs of @£800k and business 2 @£300k.
Total borrowing currently is £200k on one loan. No other debts or leases etc etc. Assets well into seven figures.
We shall see......
Went back to check to see if Lloyds had turned up on the BBL page but website been giving all sorts of errors and now seems to be down.
Filled in the first form on natwest's site. Message says You will receive an email confirmation of this enquiry.... You will receive another email to start your application
So far all it has asked me is if the business is affected by covid 19, if I am an existing natwest customer and then for my contact details
So far all it has asked me is if the business is affected by covid 19, if I am an existing natwest customer and then for my contact details
Applied this morning via HSBC (Business bank with them). Very painless process and from what i've read if you already bank with the lender you should expect the money in days.
No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
Gonzo0 said:
Applied this morning via HSBC (Business bank with them). Very painless process and from what i've read if you already bank with the lender you should expect the money in days.
No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
Is it up on their website now? Presumably after you log in?No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
Gonzo0 said:
Applied this morning via HSBC (Business bank with them). Very painless process and from what i've read if you already bank with the lender you should expect the money in days.
No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
How did you apply - I for the life of me can't find the link to apply on their website?No credit checks are performed on business or director so assuming your not or have been through an IVA then it's plain sailing.
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