Bounce back loan
- Thread starter OMGVape
- Start date
3-5 business days HSBC told me they will contact me to set up feeder account when i rang on Tuesday when i applied for feeder account, their staff are working from home in their bedrooms etc when i rang a recorded message says " be prepared to hear pets, children in background when speaking to our staff..."
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Just had a txt from Barclays regarding my second and third applications...
"We wanted to send you an update on your Bounce Back Loan - there's been a delay getting your money to you. We know this is not ideal and we're so sorry. We're doing all we can to get the money to you this week and we'll text you again with an update. Thanks for bearing with us. Your Barclays Business Team"
"We wanted to send you an update on your Bounce Back Loan - there's been a delay getting your money to you. We know this is not ideal and we're so sorry. We're doing all we can to get the money to you this week and we'll text you again with an update. Thanks for bearing with us. Your Barclays Business Team"
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This is a rant that I will be sure to regret later: We meet all of the requirements to borrow money under BBLS & could not furlough our staff due to actually needing them to work. Before BBLS was announced we were desperate, not having a rateable property we were excluded from the "gift" that was given to every garden-shed operator.
We are a young company & were growing at a fantastic speed & due to the regulations surrounding covid-19 we've been hit very hard & lost all of our cash reserves, I have kept this company floating out of my own pocket, I am not the richest man. We look 4-5 months forward & actually everything looks right to take back the same pace we were already working with.
My concern is: Will the people that have no business or need applying for these loans, ruin the availability for those of us who are patiently waiting at the back of the line due to our relationship with alt-banks like Transferwise. £2bn has already been loaned out, If there's a ceiling it would have to be coming soon.
Equally, My heart truly goes out to all of my fellow small business owners in the same situation, waiting week after week for some sort of support whilst in many cases being imprisoned in their own homes & trying to feed their staff somehow. I have 11 guys to take care of & In this time, my personal need has to come last. The announcement of BBLS was both a blessing & a slap in the face for many of us. If any of you are anxiously reading this thread like I do, just keep your chin up & believe that something is coming, we're all suffering & a lot of us are sitting on the verge of bankrupcy but I do believe that we'll find a way to get out the other side, More sacrifice is yet to come!
To those of you making jokes about running out and buying a "Tesla" or filling this thread with all this b*llshit talk about "investing" this money which you did not earn or need yet still obtained, Please know that your actions are a f*cking disgrace & that you could show a modicum of humility by hiding your savage greed from the hundreds of people following these threads desperate to squeeze in for a lifeline you are depriving them of.
We are a young company & were growing at a fantastic speed & due to the regulations surrounding covid-19 we've been hit very hard & lost all of our cash reserves, I have kept this company floating out of my own pocket, I am not the richest man. We look 4-5 months forward & actually everything looks right to take back the same pace we were already working with.
My concern is: Will the people that have no business or need applying for these loans, ruin the availability for those of us who are patiently waiting at the back of the line due to our relationship with alt-banks like Transferwise. £2bn has already been loaned out, If there's a ceiling it would have to be coming soon.
Equally, My heart truly goes out to all of my fellow small business owners in the same situation, waiting week after week for some sort of support whilst in many cases being imprisoned in their own homes & trying to feed their staff somehow. I have 11 guys to take care of & In this time, my personal need has to come last. The announcement of BBLS was both a blessing & a slap in the face for many of us. If any of you are anxiously reading this thread like I do, just keep your chin up & believe that something is coming, we're all suffering & a lot of us are sitting on the verge of bankrupcy but I do believe that we'll find a way to get out the other side, More sacrifice is yet to come!
To those of you making jokes about running out and buying a "Tesla" or filling this thread with all this b*llshit talk about "investing" this money which you did not earn or need yet still obtained, Please know that your actions are a f*cking disgrace & that you could show a modicum of humility by hiding your savage greed from the hundreds of people following these threads desperate to squeeze in for a lifeline you are depriving them of.
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Hello fellow host! <waves>
Totally agree. We're lucky in that we haven't lost all that much business as a result of this (though we did lose a few festival and events sites once dates started getting cancelled!) but our new business has very quickly dried up. We're onboarding a few new clients here and there, but mostly on bailout deals that we're running, so the revenue from these is typically quite low - cost price or just under. Sure we could be adding clients for life, but in reality they'd be just as welcome to close their accounts next month if they decide they can't ride out the storm.
Over Winter we upgraded all three of our locations in anticipation of continued growth this year, and of course that's really been put on hold now, so our overheads have risen and our turnover has remained largely the same.
Which bank are you with, out of interest? We were mid-switch when the loans were announced which has complicated matters to an insane degree - neither bank really know who should be lending to us heh.
We're in this together buddy, stay strong, and let me know how you get on - keeping my fingers crossed you get some positive news very soon.
Jay
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Hi!
I love that in our industry we can chat & reach out to eachother, more competition pushes the industry forwards, right? I probably shouldn't be expressing my opinions under the brand name here but I'm not afraid of the consequences of doing so.
We were seeing huge growth in South East Asia (just a thought for you if you're not actively targeting) particularly Vietnam & Thailand but even in the more mature markets like Singapore & Hong Kong (S.A.R, China) the advertising costs for "real" S.E.A are very good for now.
We mainly use stripe & paypal for payments & sweep each local currency into a transferwise account of the same currency, it saves big on forex, we operate in several different countries so it's a pretty good arrangement. HSBC has a pretty good setup for international & we have our mainland China account with HSBC Premier but they've been unable to swing any clout here in the UK.
That's really crappy that neither bank wants to take ownership of you, I hope you get it worked out.
I tried to hunt you out on linkedin (I'm easier to find), If you're open to a chat some time.
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Yes, client received an email just before 9:30 to e-sign docs. Did so immediately and then received a follow up email 5 mins later to say the paperwork was done etc.
I’m guessing funds will follow tomorrow sometime.
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Thanks kindly, we're all in this together, we're all being pushed to find new ways to improve process' & our offerings. I believe the majority of us might well be building a fantastic future for our country.
The "idiots" will have real trouble & I hope that in a years time, the hammer comes down on them in a way that we've never seen before.
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C
Countin'
Not sure if anyone can shed some light on this, we are a new business and werent trading in 2019 as we started in late Feb we seem to be eligible for the loan but of course we wouldnt have had any turnover in 2019 as it was before we started. The guidance says to estimate your turnover, but is this for 2019 or for your first year? Having the cash to invest would be a great way to really kick start the business.
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I could be entirely wrong here but my understanding is that so long as you were trading before March 1st you're eligble. the guidance i've seen so far says that if you didn't have a complete year in 2019 / didn't start up. Estimate your T/O forwards based on current.
Be careful not to overestimate your turnover too much here, I dread to think what's going to happen to these dishonest folks 2-3 months from now when HMRC catches up & starts demanding proof of these turnover figures that will obviously be shared with them.
If you've been affected by Covid-19 really, for sure get an application in if you really need the help.
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Certainly not something I would have asked. If you've not made any turnover & do not have a viable business that has been actually affected by covid-19 (independantly of how it has affected you personally) I would strongly caution you to refrain from applying for the "support" that is being offered to help struggling businesses.
Sorry to give a dose of reality here but:
1, It is not hard to estimate your turnover but I suspect you have yet to make anything, if you know your marketing / sales outreach costs & your returns, you can reasonably deduce this.
Example: you were making £5k/month before covid-19, you were already on a growth path & expected to re-invest your profits into marketing & outreach & grow by £1k / month.
2, You say that you don't want it to "come back in any way", It most certainly will.
If you are really a startup, there are still plenty of funding options available to you.
Please read my rant on page 19, if you agree with what I have said both there and in this post & have a viable business, you should apply without haste & the support should be readily available for you.
If however you are a startup / opportunist, think carefully.
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It doesn't take Sherlock to work out that using a pun as old as the hills as a username does not neccesarily equate to a registered company in real life either.
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Hello all, I've been following this post as a non-member all this week and just signed up to comment that HSBC has fully paid out my loan this morning. At 8am I noticed there was a new BBL loan account on my online banking with £0 balance and my loan amount as available balance. At 8.25am, I got my loan docs, signed them straight away and then the funds got transferred into my business account about 30 mins later, so very quick!
I'm an existing HSBC customer and applied 9.30 on Monday
I'm an existing HSBC customer and applied 9.30 on Monday
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I'd forgotten that it was a Bank Holiday which explains why my bank hadn't updated my account when I checked this morning. I think that my brain has furloughed itself
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That's not reality, that's your opinion mixed in with your desire for only businesses that YOU think are eligible to apply.
Reality is following the written rules of the scheme. Under which, the businesses that you are trying to dissuade from applying, are actually eligible for the BBLS.
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L
LocalSEOLondon
They are not mutually exclusive and you are incorrect re cash withdrawals and other kinds of transfers
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L
LocalSEOLondon
NO .....its surprisingly common for competent business people to be terrible at tax especially anything to do with company tax. Worked in M and A at a top investment other than the finance director CEO and other directors could be pretty weak. One of the reasons why CEO and Finance Director are often so important as the backbone for a business.
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Plus, even if he did have to choose one or the other, the BBL is still much more attractive;
- You still have to make monthly payments on the credit cards, you can't just wait 18 months to repay the full £50k
- If for some unforeseen reason (we know that those can happen now!) you can't repay the CC within 18 months, your outstanding balance moves onto a much higher rate of interest than the BBL
- If you repay the CC within 12 months, you've still paid the 1.9% fee when there is no fee for the BBL
- If you repay the BBL within 18 months, you will have paid 1.25% in interest (half a years worth of 2.5% interest), whereas you have still paid 1.9% on the CC
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hi...
my main company qualifies for this...a couple of questions..
1) I operate with three different banks, does it matter which I apply through?
2) are these documents to sign sent by email, or posted? or both?..my reg off is with my accountants and getting physical forms is difficult in this lockdown.
thanks
my main company qualifies for this...a couple of questions..
1) I operate with three different banks, does it matter which I apply through?
2) are these documents to sign sent by email, or posted? or both?..my reg off is with my accountants and getting physical forms is difficult in this lockdown.
thanks
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The guidelines ask that it is your main business account. Personally, I would have a read through this thread and pick the bank that seems to offer the easiest/quickest application process.
It seems to be being done electronically by everyone.
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L
LocalSEOLondon
NO 25 percent is ridiculously high default rate not sure where you got that idea from ...also at 2.5 % and repayable over 6 years ..repayments can come from a job especially at lower end of scale value wise
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L
LocalSEOLondon
I am thinking of applying vis Santander as have a personal account with them ...would love to know if anyone has applied that way. I use World First and Transferwise for business but alas neither are BB authorized
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L
LocalSEOLondon
Yes very true ...also in these troubled times you want to be very liquid basically and these loans provide a free way to do it .....
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