£50K Interest Free Loan for 12 Months

[ladymuck]

really?

oh . . . well my ltd account is with Cater Allen but they aren't doing Bouncebacks (yet)

HSBC will do your bounceback loan even if you don't bank with, they open a temp feeder account for the purpose of getting the loan and close it immediately after you transfer the funds out,

but you have to call and apply for it, hence the Q

Oh ok - I bank with HSBC so didn't have to do that. Just a 10 min online application and the money arrived within a few days

[simes]

Received a text message today from Cater Allen. You can now apply for a bounce-back loan via Santander, using your Cater Allen details.

Got there before me.

I have applied this morning.

[simes]

Santander seem to have this down perfectly.

Application yesterday morning, docs signed in the afternoon and cash in the bank that evening!

Applied Friday, but this is the 'as a favour to Cater Allen' application. No email or forms as yet. There are no doubt some extra hurdles for them to jump over...

[simes]

Emailed forms came in from Santander on Thursday. Six days from application.

Duly signed and returned. Will inform when cash is in bank.

[northernladuk]

Can't wait...

[ladymuck]

Martin Lewis has a survey open for people's feedback on the BBL:

MSE – Bounce Back Loan Scheme experiences survey

[simes]

Seemed to be a bit longer than others' experiences direct to Santander, but all landed end in Cater yesterday. A week for forms, and a week after signing and submission.

Very efficient.

[redman123]

Testing

[mjcp]

what happens if your company closes down?

Also interested in this...

Loan is very clear: "Not a personal loan and no director's assets at risk"

So, on the surface, looks like its just another creditor. However, I guess if the Insolvency service start digging (if the shut down is not clean), then they may take a dim view of you taking the loan, paying a div and then pulling the plug.

That said, the loan is to assist businesses in surviving the CV19 downturn, so taking the loan and sitting it out for 12 months, taking a "fair" PAYE wage, not divs, before pulling the plug due to market conditions... would seem legitimate.

Why don't we wait and see how someone else gets on first?

M

[ladymuck]

what happens if your company closes down?

The lending bank is a creditor to your company and will expect repayment, just like any other creditor.