Bounce Back Loans

Covid debt drowning small businesses to the tune of £104bn
Bounce Back Loans, Business, Business Loans, Coronavirus Business Interruption Loan, COVID-19, Debt Finance, Financing, Small Business Banking no comments

Covid debt drowning small businesses to the tune of £104bn

Not waving but drowning: small businesses struggle to stay afloat weighed down with over £100bn of Covid debt Bank lending to small businesses hit over £100bn last year as SMEs scrambled for Government-backed Covid debt facilities. Overdraft applications flatlined, despite gross bank lending to SMEs rising by 82 per cent to £104bn. Around 1.5m Bounce…

Banks set to scrap plans for Bounce Back Loan debt collection agency
Bad debt, Bounce Back Loans, Business, Business Loans, COVID-19, Small Business Banking no comments

Banks set to scrap plans for Bounce Back Loan debt collection agency

Empty wallet: the National Audit Office estimates £26bn of Bounce Back Loans will never be repaid High street banks are set to handle overdue Bounce Back Loan debt repayments themselves, abandoning plans for an agency to deal with emergency Covid-19 loans. The banking industry has decided that a collection agency would merely complicate the business…

Bounce Back Loan Scheme extended until the end of March
Bounce Back Loans, Business, Business Loans, Coronavirus Business Interruption Loan, Coronavirus Job Retention Scheme no comments

Bounce Back Loan Scheme extended until the end of March

Extra time: Chancellor Rishi Sunak wants to support businesses hit by further Tier 3 restrictions and a possible no-deal Brexit Rishi Sunak has extended the UK’s £68bn coronavirus emergency financial support including the Bounce Back Loan Scheme until the end of March. The Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme and the…

Microbusiness £50,000 Bounce Back Loans – how they work
Bounce Back Loans, Business, coronavirus, Coronavirus Business Interruption Loan, Financing, Small Business Banking no comments

Microbusiness £50,000 Bounce Back Loans – how they work

UPDATED: The government’s Bounce Back Loans scheme has been extended until the end of March 2021. Previously, the loan deadline was extended to January 31 2021. > See: Bounce Back Loan Scheme extended until the end of March We’ve answered some of the most frequently asked questions around the scheme. Can I have 2 Bounce…

Government plans permanent state-backed small business loan scheme
Bounce Back Loans, Business, Business Loans, Coronavirus Business Interruption Loan, Financing, Rishi Sunak, Small Business Banking no comments

Government plans permanent state-backed small business loan scheme

Continued support: Chancellor Rishi Sunak wants to keep supporting SMEs beyond January The government is planning to replace existing coronavirus business support with a permanent state-backed small business loan scheme. Under the plan, which would be launched in January, the government would guarantee 80 per cent of loans to small businesses, ranging from a few…