Have you been declined a Bounce Back Loan?
Although the bounce bank loan scheme has been extended, according to reports the big five banks have shut the door on new applications.
All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses “are effectively locked out of the market”, given they do not bank with accredited lenders. The Treasury has made clear to the banks that they must re-open to new customers as soon as practicable.
The 1.3m UK firms that have already taken out the £40.2bn worth of Bounce Back Loans since they were launched in May can “top up” existing BBLs should they need to, up to a maximum of 25 per cent of turnover (capped at £50,000).
The banks have stated they have been inundated by request for loans, let’s hope they can find a way forward as this will be a lifeline for businesses over winter!
Will a loan or a top-up to an existing loan help you?
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