£50K Interest Free Loan for 12 Months

[Paralytic]

Anyone taking part? No interest or repayments for 12 months.

Small firms to get 100%-taxpayer-backed loans - BBC News

Unclear if you can just give the £50K back after 12 months, after earning a few hundred quid in your pittance of a business savings account.

[jamesbrown]

Unclear if you can just give the £50K back after 12 months, after eating a few hundred quid in your pittance of a business savings account.

Interesting, but probably not worth the hassle if bank interest is your angle. At best, you're probably looking at 400 quid in bank interest and I bet there's some hassle in both opening and closing, regardless of what they say. But especially closing. Definitely worthwhile if you want to expand something though - would be rude not to.

[oracleslave]

Definitely worthwhile if you want to expand something though - would be rude not to.

Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?

[ladymuck]

Maybe I'll use it to buy my Nan's flat!

[matzie]

A little more info:

Small businesses boosted by bounce back loans - GOV.UK

[DaveB]

Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.

[jamesbrown]

Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?

Expansion of cretinism, yes.

[CheeseSlice]

No interest or repayments for 12 months.

Apart from the bank interest that the government has to pay on your behalf?

[GhostofTarbera]

Whooohooo Cheltenham fund sorted


Sent from my iPhone using Contractor UK Forum

[northernladuk]

Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.

You're right but ff you've got an offset mortgage at the moment you are probably already being bummed on the rate so whatever you save in the 12 months isn't much of a win in the bigger picture.

EDIT : That said there is some fair products about but that makes the savings even worse.