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Original poster

Any Advice Gov Bounce Back Loan

17 replies

Blarblarblar · 09/09/2020 08:47

Hi Folks,

This is a question for any super financial folk out their.

I have a small business. I have been running for over 2 years out of my current account. I appreciate this was a mistake but it just took off quick and I never changed anything.

My bank is refusing to now give me a business account and I can therefore not apply for the gov loan.

I’ve complained to the bank but they are upholding the decision saying they don’t believe I run a business out of my current account. I do though and all the money coming in is there 🤦🏻‍♀️

I don’t know what to do. Our season is the summer and obviously I have not been able to trade for most of it and now it is very limited. I have tax records, I received the small business grant from government.

I do not know what to do. My business is also my families home and we potentially need to sell. I am eligible for this loan and can’t get my hands on it.

Any advice anyone please

OP posts:
HilaryBriss · 09/09/2020 08:55

You don't have to get it from your own bank, you can apply to one of the other lenders registered with the scheme.

BarbaraofSeville · 09/09/2020 10:06

I've heard that Starling are good for small businesses and are more progressive than established banks like Natwest, Barclays etc, ie they recognise that people run their businesses in different ways - gig economy, multiple ways of earning money.

They seem to have a queue for bounce back loans but this might be the time to transfer away from whichever bank you're using if they don't suit the way your business runs.

FAQs · 09/09/2020 10:08

Who have you applied through? You don’t need to apply via your own bank.

Original poster
Blarblarblar · 09/09/2020 20:59

HilaryBriss I have applied through bank on Scotland/Lloyd’s. I haven’t applied for the loan because no one will let you without an existing business account and no one is letting new customers take them out. Existing customers should be able to but the bank is saying i do not use my Current account for Business therefore I can not. They are saying they can only see 8000 worth of money coming in. This is not the case as it is a lot lot more than that as the tax man can and has seen Smile

BarbaraofSeville Starling not taking new business customers at the moment I’ve called.

FAQs the problem is not having a business account as you can not apply without one and no one is taking on new business accounts so I can’t access.

II’m fucked

OP posts:
Hoppinggreen · 09/09/2020 21:23

Some Finance brokers are offering these loans
Or try Iwoca
It might still not work if you don’t have a business account but worth a look

ShellsAndSunrises · 09/09/2020 21:24

HSBC are the only bank offering new business accounts at the minute. You can use a feeder account or get a proper one; but getting a proper one is a good idea if you don’t have one. There’s a bit of a wait but if you pass the credit requirements, you can get a BBL.

Original poster
Blarblarblar · 09/09/2020 21:37

Hoppinggreen thank you I will

ShellsAndSunrises Thank you. Just looked it up and They are doing a feeder account so I think That might be the route in the meantime and then sort out a business account later.

OP posts:
Polnm · 09/09/2020 22:30

I have on day present untouched
I gave to work a day a week for the next 5 years to pay it off
Having run a successful business for 10 years I am bailing out and I honestly suggest you do the same

There is no coming back and getting to debt to save a company just isn’t worth it to me

Polnm · 09/09/2020 22:32

@BarbaraofSeville

I've heard that Starling are good for small businesses and are more progressive than established banks like Natwest, Barclays etc, ie they recognise that people run their businesses in different ways - gig economy, multiple ways of earning money.

They seem to have a queue for bounce back loans but this might be the time to transfer away from whichever bank you're using if they don't suit the way your business runs.

Starling are being slated as worst for bbl for existing customers and not accepting new accounts
Polnm · 09/09/2020 22:36

@Polnm

I have on day present untouched I gave to work a day a week for the next 5 years to pay it off Having run a successful business for 10 years I am bailing out and I honestly suggest you do the same

There is no coming back and getting to debt to save a company just isn’t worth it to me

Or even I have one sitting there untouched in my bank account and has been. For several months whilst I thought about what to do
Original poster
Blarblarblar · 10/09/2020 18:24

Polnm

I appreciate that but our home is our business (Guest House) and we have spent every penny we have earned over the last 2 years on it. I’m not ready to sell and leave all our efforts and then try to get back into my old career which will be nearly impossible right now.

OP posts:
thetaleunfolds · 10/09/2020 20:32

I got my BBL through Lloyds. I've had a personal account with them for 15+ years, and was also using a personal current account for my business - which as a sole trader is absolutely fine. Lloyds made me open a business account with them which took a couple of days, and then I was able to apply for the BBL which I did easily and quickly, and I had the money in my account the next day.

Original poster
Blarblarblar · 10/09/2020 21:24

thetaleunfolds Lloyd’s underwrite bank of Scotland. I’ve also had my account all my life. They are claiming that I don’t use my account for business. I need something quick so I’m looking for alternatives. Thanks though and glad it went smoothly for you.

OP posts:
Redears3 · 10/11/2020 19:11

Hi was wondering if anyone had any advice. My DH is SE sole trader business about 7 years old. Was using his personal account through NatWest. He didnt initially apply for BBL during the 1st lockdown as savings covered his earnings. But he recently decided to apply for a Business acc through NatWest for the purpose to apply for BBL the process took about 5 weeks. Business account approved y’day went to apply for BBL today, but apparently they are only accepting BBL on business accounts opened before 4th May!!! Confused anybody have any ideas what he can do now??

BingeOnChocolate · 10/11/2020 19:17

My brother was running his business through his personal account and got the loan. He applied through Barclays and had to submit his tax return or something (they told him what it was exactly needed) and they reviews to confirm the business was created pre Feb 2030 & a week later he was able to continue the application online. From there, he then waited 4-5 days and the money was credited into his account. They are still taking on applications and also allowing 'top ups' if you've not used the full 25% in the first application.

BingeOnChocolate · 10/11/2020 19:19

He also opened a business account 2nd week of March as he hadn't known covid was going to be like it was. The bank advised it's not really interested in that. They just need proof via the HMRC document that he traded previous to covid

Original poster
Blarblarblar · 15/11/2020 18:17

The bank finally came through apologised and gave us a business account and the bb loan.
I also got approved for a feeder loan account that I obviously didn’t access.
So you might want to try that binge as they have extended the deadline now.

OP posts:
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