Monday is the day for the application process for businesses to apply for these new ‘bounce back’ loans but be prepared that not all bank platforms will be ready and maybe overwhelmed with people trying to get on. 

Usually it would take a 12 months period to put in place a new product like this and financial institutions are being given a matter of days or weeks to get this stuff ready which also means that not all lenders will be offering bounce bank loans.

These loans apply to UK sole traders, partnerships, Limited Liability Partnerships and Limited companies of any size. If you have a group of companies, each of these can apply separately.

Terms

What information do I need to supply?

NB – If you can prove turnover was increased in March 2020 quarter or after you may want to supply management information or bank statements to help maximise the lending value

It is not expected that you will need to supply any kind of cashflow forecast.

Why might I look to refinance part of my CBILS lending to bounce back?

My balance sheet is insolvent what can I do?

What will it cost me overall?

Before signing up to any lending you should always know the overall cost to you and any early repayment penalties should you wish to repay early or re-finance for a larger amount. 

Talk to your Principal Adviser at A4G or call us on 01474 853 856 to make sure applying for bounce back lending is the right path for your long-term plans or if this won’t be an available option for you what other steps you can take.