Bounce back loan

[SultanOfSwing]

Hi all,

I'm a sole trader, I run a pet services business which is basically walking/boarding dogs and cat feeds etc.

I lost about 80% of my client base during lockdown and therefore utilised universal credit to ease the situation.

However the amount of money coming in is quite a bit less than I need for my outgoings.

Lots of people in the same boat, so something I just have to deal with.

I have however been told to have a look at the 'bounce back' loan scheme that the government are plugging along with various banks.

I've had a look, and my bank isn't listed, and from what I can work out, you need a dedicated business account with one of the losted lenders, and also a company registration number.

I have neither as im a very small business and get paid directly to my personal account. And no company number either.

Does this rule me out? I can't call my own bank to enquire as they aren't even on the list.

Anyone done this as a very small sole trader business?

Many thanks

Aaron

[C Lee Farquar]

There is a long running thread in the business section.

Concisely, you can apply as a sole trader but you will need to open a business account with a qualifying bank. This is proving troublesome for some. You can only apply for 25% of projected turnover.

If your overheads are personal rather than the business you might find a couple of the questions on the form difficult to answer as required.

Did you qualify for the self employed grant?

[SultanOfSwing]

Thanks for the response.

So I gather that opening a business account with one of lenders retrospectively would be okay?

I did qualify for the self employment grant yes. That was fairly easy to get too, which was useful.

I will take a look in the business section i didnt think to look in there, thank you.

[C Lee Farquar]

SultanOfSwing said:

So I gather that opening a business account with one of lenders retrospectively would be okay?

It is but most Banks are making that a protracted process or tightening their criteria, particularly for the self employed.