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How to qualify for a business suppport loan

Jul 28, 2020

In these difficult times, the government is offering bounce back loans to help companies recover, ranging from £2000 to 25% of the total turnover, up to a £50,000 maximum. For small to medium sized business, there are certain conditions that must be fulfilled. Any business that is based in the UK, established before the 1st of March 2020, and that has been adversely affected by the coronavirus pandemic can apply, excluding state funded school, banks and other financial service providers like insures or reinsurers. Note that insurance brokers can still apply. However, if your business has previously been classified as a “business in difficulty” then you must ensure you are complying with other regulations.

You cannot apply for a bounce back loan if you are already receiving other funding. This is only usually applicable for larger businesses. For business with up to 45 million pounds of turnover, provided you can prove that the business was viable pre-coronavirus, you may be eligible for the Coronavirus Business Interruption Loan Scheme, which can offer financial aid of up to 5 million pounds. For even bigger businesses, provided those same criteria are met, a loan of up to 200 million is available. But an organisation cannot mix the funding sources. And for the larger loans, more kinds of business are ineligible, like building societies and any public sector body.

However large your business, the government has made funding available to help recovery from this crisis, with most kinds of business eligible for a loan of some form or another.

Before you contact an insolvency company, put yourself at the mercy of your bank, or just cease trading altogether, give us a call.

Specialist Providers of Credit re-Financing, Stock Finance, Debtor and Asset Re-Finance, Creditor Settlements, Company Lifeboats.

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