Anyone planning to claim a CBI loan?

[ladymuck]

Nice - working capital and starting up trading in the UK - which is perfect for me...

It's almost tempting to borrow the deposit to buy my Nan's flat

[eek]

As I bank with HSBC, I thought I'd have a look at their terms:

Coronavirus Business Interruption Loan Scheme | Commerical Banking | HSBC UK

• Minimum £10k loan
• First 12 months interest free if you choose to apply for a Business Interruption Payment (which is essentially HMG paying the fees and interest)
• No personal security required for loans up to £250k
• Eligible borrowing reasons are: Short Term Working Capital; Starting up trading in the UK; Expanding an existing business within the UK; Buying a business (including goodwill) in the UK; Purchase of equipment; Purchase / lease of property; Developing a project; Additional Research and Development (business must carry out a commercial activity).

Could be very useful for some.

You can't apply online; you have to phone in. I suspect wait times will be long.

Nice - working capital and starting up trading in the UK - which is perfect for me...

[d000hg]

There are going to be a LOT of businesses up for sale soon, for the daring entrepreneur willing to take the risk. Takeaways, shops, pubs, etc. Probably realistically not me but I hope this spurs a wave of post-CV growth.

[d000hg]

I hadn't realised anyone had their schemes up and running just yet. Well done HSBC.

Very surprised they are not doing this online, when everyone and their dog is desperately trying to keep the phones for emergencies only. That said, this might change as they get it smoothed out. We were advised to wait a few weeks (if possible) for teething troubles and the initial rush to go by.

[ladymuck]

As I bank with HSBC, I thought I'd have a look at their terms:

Coronavirus Business Interruption Loan Scheme | Commerical Banking | HSBC UK

• Minimum £10k loan
• First 12 months interest free if you choose to apply for a Business Interruption Payment (which is essentially HMG paying the fees and interest)
• No personal security required for loans up to £250k
• Eligible borrowing reasons are: Short Term Working Capital; Starting up trading in the UK; Expanding an existing business within the UK; Buying a business (including goodwill) in the UK; Purchase of equipment; Purchase / lease of property; Developing a project; Additional Research and Development (business must carry out a commercial activity).

Could be very useful for some.

You can't apply online; you have to phone in. I suspect wait times will be long.

[northernladuk]

All sounds great doesn't it.... but not for me I don't think. I don't like the idea of taking on any more debt or liabilities at this point in time. There is nothing to invest it in really that will make a difference for a year and taking it out and spending it comes with the obvious risk of not having it to repay in time.

I'm not on a precipice like some people are I may add so could be just the job for them.

As attractive as you make is sound with all the unknowns at the moment I'm not ready to take this on yet I don't think.

[d000hg]

The government are making these AFAIK very accessible to all businesses and self-employed people with (at least) 12 months interest free.

I wondered if many here were thinking "might as well" as a way to get emergency warchest on terms that are likely to be very good if you need it. My accountant said "you are never going to get a better loan".

Or maybe people are thinking to use it to invest in plan B or have some idea to invest it for a year and then repay?