CBIL.
- Thread starter Johnycuban
- Start date
Be as patient as you can with Barclays. They need to be your first port of call. If you don’t get anywhere then let me know and I’ll see if I can sort something out for you.
I’ve just sent you a connection request on LinkedIn, or you can contact me here too.
Upvote
0
I
would guess 50 K ish for plant / manufacturing equipment and I think HSBC would do 6 years under the current CBIL scheme
Upvote
0
I am very keen to see what rates people start getting and what caveats are in place seeing as this is supposed to be 80% government backed and apparently needed for the saving of our businesses going forward. Someone mentioned some banks trying to get 15% return plus personal guarantees...….. that's the spirit scalp scalp scalp!!
Funding circle might be a better avenue for many.
Funding circle might be a better avenue for many.
Upvote
0
Good Point. Any one feel free to PM me if you are feeling generous. I will dive into it but thought id leave it until next week as i knew this week would be a knightmare I thought the Government might also set a fixed interest rate. what kinds of rates are people seeing that have applied already?
Upvote
0
15% for unsecured is a pretty good rate. Funding Circle would be dearer than that.
Especially at the moment when there’s a huge risk of default very early on and they’re being encouraged to lend to businesses which they wouldn’t normally.
Upvote
0
I did think the Government might fix the interest at a low rate because its supposed to be a help, plus, they are paying the first 12 month!
Upvote
0
Exactly! Interest is 0% for 12 months - how low exactly do you want it!??
Who can beat 0%? Anyone??
Upvote
0
The banks are left holding the smelly end of the stick.
They may get 80% of the loan back after a year or two. They are on the hook for the 20%.
And can anyone think of a higher risk group than businesses? Perhaps homeless alcoholics?
The ones paying have to pay for that 20%. Plus time and effort spent chasing the people who aren't going to be able to pay.
Expensive to chase say half the loans issued over the next few months?
Upvote
0
For 12 months.
How many businesses will take the loan and pay back in one year considering this is likely to go on for months and many businesses will the take time to recovery. not only that but there is likely to be a prolonged social distancing restrictions going forward. 15% is high with such a low base rate.
Upvote
0
Unsecured, and in a global economic shutdown, 15% is cheap as chips
It’s high if you compare with secured, but compare apples with apples and you need to look at other unsecured lending. Credit cards - 29.9%? Overdrafts - 40%.
15% is not high. It’s reasonable for the situation.
Upvote
0
I am basing my plans on the theory that we'll get nothing from this. Banks love to say no. There will be forms upon forms upon forms to fill in for each of the lenders, and loads will then say no for various reasons.
There should be one centralised form to fill in which then gets sent to all banks (like when comparing car insurance).
We are e-commerce and still working as we have safe practices in place and are a small operation, but if we need funding we'll go down the route of PayPal Working Capital or Clearbank. Instant funds available.
There should be one centralised form to fill in which then gets sent to all banks (like when comparing car insurance).
We are e-commerce and still working as we have safe practices in place and are a small operation, but if we need funding we'll go down the route of PayPal Working Capital or Clearbank. Instant funds available.
Upvote
0
PayPal are currently offering us £50k for a £2,310 fee with them taking 30% of sales income until paid off.
Clearbanc offer various amounts up to £175k to us at the moment with a fee of 9.5%. If used on advertising with Gooogle Adwords it comes down to 6.5%. They'd take 15% of revenue until paid off.
PayPal funds come direct to the bank account. Clearbanc pay invoices for you through a portal.
They look at your revenue from online sales and base what they will forward you on that.
Upvote
0
We started the process with our bank HSBC on Wednesday and were told we would get a call within 5 business days so be sure to have forecasts, business plan and management information ready for when they call.
We have done the business plan taking into account the interruption to cashflow and 2 years of forecasts with and without interruption. Accounts are filed and up to date as is our VAT.
We were due to start 2 new contracts this coming week and they are still in place to start when we get back to work.
We turned over 220k and were on track to do 500+ and run with a 33% net profit so I will be sure to update you all with what they say and what we have to do etc.
Been searching around to see if anyone has got any further but as yet can't find anything.
We have done the business plan taking into account the interruption to cashflow and 2 years of forecasts with and without interruption. Accounts are filed and up to date as is our VAT.
We were due to start 2 new contracts this coming week and they are still in place to start when we get back to work.
We turned over 220k and were on track to do 500+ and run with a 33% net profit so I will be sure to update you all with what they say and what we have to do etc.
Been searching around to see if anyone has got any further but as yet can't find anything.
Upvote
0
Not sure what the a*sehole comments are about? Totally unnecessary
The fact the government has done what it has was surprising. However, the banks are not doing what the Government wanted. Hence the many complaints by businesses and representing organisations, and there is change coming. This is a huge opportunity for Lenders and some are taking advantage. Keep eyes peeled, this will change.
Upvote
0
As I didn't make any a*sehole comments I'm not sure either.
The banks are protecting themselves as businesses. No one has handed them free money to do it - they have risks lending to anyone and we are as a group high risks.
Now if government hands them £50 billion and tells them to lend it out they'll do so. When its their own money being lent out with possibility of a while to recover much then they'll be cautious.
They get the poo end of the stick and they get the complaints. Win as far as government is concerned.
Upvote
0
Latest Articles
-
Should you crowdfund? A framework for UK founders in 2026Three articles into a series on what crowdfunding actually costs, the...- Ozzy
- Updated:
-
The polls, the reframing, and the billion dollarsHow three letters from the early years of Star Citizen's development...
- Ozzy
- Updated:
-
The values trap: what the Punks actually ownedWhy BrewDog's Equity for Punks investors were structurally locked out...
- Ozzy
- Updated:
-
When belief is the business modelWhat BrewDog's collapse and Star Citizen's billion-dollar climb are...
- Ozzy
- Updated:
-
AI, Virtual Influencers and the Copyright Minefield: What Entrepreneurs Need to KnowI'll be upfront: this article was written with the assistance of an AI...
- Ozzy
- Updated: