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Small businesses struggling to get credit from Recovery Loan Scheme
Bounce Back Loans, Business, Business Loans, Recovery Loan Scheme, Small Business Loans add comment

Small businesses struggling to get credit from Recovery Loan Scheme

Tougher checks: banks have blamed higher interest rates and credit checks for slow take-up Small businesses are struggling to get loans through the Recovery Loan Scheme launched earlier this month to replace emergency schemes such as Bounce Back Loans, according to the Federation of Small Businesses (FSB). Banks blame tougher credit checks and higher interest…

Recovery Loan Scheme 2021 full update – where do I apply for my loan?
Business, Business Loans, coronavirus, Small Business Loans no comments

Recovery Loan Scheme 2021 full update – where do I apply for my loan?

The Recovery Loan Scheme is open to all business sizes The Government has launched its long-awaited recovery loan scheme today (April 6). Announced at last month’s Budget, the recovery loan scheme (RLS) has replaced the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The aim of the scheme is to…

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…

The Loan That Can’t be Denied: How Solopreneurs Can Fund Their New Business and Keep an Established Business Afloat
Business, Business Loans, Finance, Legal, Self-Directed Solo 401K, solopreneurship no comments

The Loan That Can’t be Denied: How Solopreneurs Can Fund Their New Business and Keep an Established Business Afloat

“I can’t get my business moving forward without capital and I can’t get capital without having an established (and solvent) business.” This is a vicious circle that many budding business owners face. Getting traditional financing from a bank, such as a small business loan, requires the business to have revenue, prior tax returns, and/or established…

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