Lockdown 3.0 Update January 2021
We promised you an update for 2021, as we adapt to yet another national lockdown. With much of the country isolating and homeschooling well and truly underway, we want to reassure businesses that we are still available to help you with various services.
Any Changes to Government Schemes?
There’s not a huge amount that has changed, apart from the government-back schemes, which have now been pushed back to March 31st, 2021.
The Bounce Back Loan Scheme (BBLS), lending up to £50,000, is so easily accessible for people. You don’t have to jump through hoops at all. The Coronavirus Business Interruption Loan Scheme (CBILS) is one with a few more hoops to jump through. You’ll have to look at sending documents off, but both are very useful.
What we want to address is, that’s not your only avenue. We’ve been working with several different businesses that have used their ability for the CBILS, which is 25% of your annual turnover you can apply for. Once that has been taken, there are other routes of finding finance and we are still here.
There are several different lenders that we were working with previously, who had not closed their doors but had stopped lending. They are now looking to do so again, which is great. That expands our range of lenders that we’re able to use. It’s not all doom and gloom! We want to assure you, we are still working hard behind the scenes on trying to find funds for people.
As mentioned in previous updates, even if there is that thought process of, “Would I be able to get finance?” or “How would that work?” Give us a call and have a conversation with us. We’ll be able to point you in the right direction, especially discussing the government bounce-back loans, but also how we can help you to move on from that as well.
What sort of queries/applications have we been receiving?
People have been spoilt for choice with government back loans and not having to pay anything for the first 12 months and with no interest. This won’t always be the same. Our major query currently is, “If I was to lend off you, is this also free for 12 months, and then I don’t have to pay any interest?” No, it’s not. It’s a simple commercial, unsecured business loan, as it would have been 12-24 months ago. We will, however, always push as hard as possible to get the best deal and the best interest rates for our customers.
If you need some advice, don’t hesitate to get in touch!
Please do give us a call. Whether you’ve taken a Government Back Loan or you haven’t. We are here to help. We’ll talk you through your best options, and how we can help moving forward. Our online portal is available for you to submit an application and you can give us a call if you are looking for some financial advice or just some reassurance surrounding the options you and your business can explore.
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