£50K Interest Free Loan for 12 Months

[jamed]

We've been talking at great length about this for awhile now. How come this is news to you?

I read it that the 2.5% was the cap, but now it seems that is the going rate for all.

Based on that % is this still a loan that many think is beneficial for a 6-year term?

[ladymuck]

HSBC seems to have a working page. Just about to have a look at the application form.

Bounce Back Loan Scheme | Commerical Banking | HSBC UK

EDIT:
Page 1 I put in my business name and answered a few questions to check eligibiity.
Page 2 pulled all my company info (from CoHo, I guess) so nothing to actually input - just confirm the details are correct.
Input my HSBC account details.
Gave my 2019 turnover (as per the accounts submitted to CoHo - not asked for but that's verifiable) and the form calcuates 25% of that, which you then edit if you want to borrow less.
Tick a box to confirm the amount you're asking for is correct.
Tick another box to confirm you want the Business Interruption Payment to cover the first year's instalments and interest.
Page 3 gives you the loan illustration based on a six year term - confirms that the first payment will be made on month 13 after the loan is issued, total interest you will pay, monthly payment you will be making (usual key facts you get for any loan)
Page 4 asks you to confirm you are not a business in difficulty and that your business has been adversely impacted by COVID-19.
Page 5 is a series of confirmation statements and you have to tick them all!
Then you sign (awkward box to sign in, best done if you have a touch screen device with a pen but my finger gave a decent approximation - better than my attempt with the trackpad on my laptop!)
Hit submit!
Page 6 gives you a PDF of the whole agreement.

Now to wait and see....

[northernladuk]

Bounce Back Loan Scheme (BBLS) - British Business Bank British Business Bank

Seems to be a loan up to 25% of business turnover and 2.5% interest rates from the second year.

Thoughts?

We've been talking at great length about this for awhile now. How come this is news to you?

[ladymuck]

Bounce Back Loan Scheme (BBLS) - British Business Bank British Business Bank

Seems to be a loan up to 25% of business turnover and 2.5% interest rates from the second year.

Thoughts?

Yep. That's what came out last week.

[jamed]

Bounce Back Loan Scheme (BBLS) - British Business Bank British Business Bank

Seems to be a loan up to 25% of business turnover and 2.5% interest rates from the second year.

Thoughts?

[oliverson]

RBS - fill out a simple form and you receive an email confirmation advising:

Thank you for your enquiry. You will receive an e-mail shortly that will set out full details and next steps for you to take.

almost 3 hours later and nothing. I know I'm not alone.

[CosmicWave]

Log in to Barclays online, and I see the info panel that says you can apply online.
It takes you to an almost empty page with usual marketing junk of theirs. NO trace of the Bounce bank loans.
Click on any business lending link, and it takes you an almost empty page and asks you to call them, whist they keep saying do not call everywhere else.

Login through app (phone/IPad), and I see that they have even removed what used to be called "products and services" or Business loans section.
Apart from checking your business account transactions, there is hardly you can do anything with the app now.

Totally baffling.

The UK Government site - well, about 50-70% of that page is just about the Government marketing itself as to how wonderful they are and how the business consortium are all praising their efforts.

No links to apply etc.

Have fun.

[DaveB]

Don't all rush at once

503 Backend fetch failed

Error 503 Backend fetch failed

Backend fetch failed

Guru Meditation:

XID: 950428

Varnish cache server

[jamesbrown]

In terms of banks actually suppling this (as you have to go to one to get the money, not the government) am only aware of Barclays so far... no one else appears to be showing their hand publicly. It was similar to this when the Help to Buy ISAs launched and bank staff/contractors had to actually work to implement a change, and quickly - both things they don't like to do!

Bounce Back Loan scheme | Business Banking | Barclays

• Is based in the UK
• Has been negatively affected by coronavirus
• Wasn’t an ‘undertaking in difficulty’ on 31 December 2019

Seems pretty straightforward. I wouldn’t qualify under the second one, but it’s a pretty low bar for anyone directly impacted (assuming there aren’t other conditions TBA).

[ladymuck]

Maybe, like Cibils, there will be a shiny website on Monday morning telling us which banks are taking part and they will all have a cursory web page up by then