Paying off Finance with bounce back loan?

[Steve Bullman]

Just now, arboriculturist said:

No -  but an important point is:  you can borrow 25% of your annual turnover. No credit checks, fees to pay etc.

Wonder if I can include my vat in the turnover ?

[eggsarascal]

4 minutes ago, Steve Bullman said:

Wonder if I can include my vat in the turnover ?

Just grab what you can at the moment, worry about paying back later.

[arboriculturist]

4 minutes ago, Steve Bullman said:

Wonder if I can include my vat in the turnover ?

Basically if you have the neck to do it you are able to declare whatever turnover you wish. New businesses can self-certify (like the old days of mortgages). I am really impressed how intuitive the NW site was, took literally minutes to complete the whole process. It will be a breeze for you.

 

I didn't get greedy and stuck with almost the full 25% on actual accounting figures turnover.This is an opportunity not to be missed Steve! Just like when the  RHI feed in tariff 1st arrived - a golden opportunity.

 

To grow any business fast you need capital and this is the best it gets.

[waterbuoy]

Remember that your bank will (or at least should) have an idea of your gross turnover if it all goes pear-shaped.

[benedmonds]

2 hours ago, Steve Bullman said:

Has there been any mention of how long these loans are going to be available for?

 bbls available till November.. I think..

[john paget]

I’m gonna do this, it’s a no brainer, pay off all my finance at 8-10%, and have a bit left over... on it today, just got to open a business account...

[Bloom]

Got mine from Santander yesterday into my personal account. Took about 8 days. Had to submit Tax return and proof of business and address to them but overall a painless process.

 

Regards paying off other finance - there is a stipulation against that and pruchasing new equipment. Something about only being allowed to replace existing equipment, like for like. So will have to be creative.

[Squaredy]

13 minutes ago, Bloom said:

Got mine from Santander yesterday into my personal account. Took about 8 days. Had to submit Tax return and proof of business and address to them but overall a painless process.

 

Regards paying off other finance - there is a stipulation against that and pruchasing new equipment. Something about only being allowed to replace existing equipment, like for like. So will have to be creative.

Strange, I applied for one yesterday with my business bankers (Co-op) and unless I missed something it just said it must be used for the financial benefit of my company - it more or less said it can be used for anything that will help the company.  So if I get it I will be investing in a super-wide bandsaw mill that I have needed for years.

 

 Not convinced I qualify though as I had to declare that as at the end of last year my business is classed by the EU s as in difficulty as the balance sheet (Ltd co) shows net liabilities.

[arboriculturist]

1 hour ago, Squaredy said:

Strange, I applied for one yesterday with my business bankers (Co-op) and unless I missed something it just said it must be used for the financial benefit of my company - it more or less said it can be used for anything that will help the company.  So if I get it I will be investing in a super-wide bandsaw mill that I have needed for years.

 

 Not convinced I qualify though as I had to declare that as at the end of last year my business is classed by the EU s as in difficulty as the balance sheet (Ltd co) shows net liabilities.

I hope you have good fortune with your application. 

 

As you know a thing or two about milling, which super-wide bandsaw would you buy? I am sure you have tried a few and been researching these for years  ?

[Big J]

Ours came through yesterday. Easiest finance application I've ever done.

 

I do reckon an awful lot of businesses won't be in a position to pay it back, and the government is going to be hit with picking up the bill on all those defaults. Suddenly, the furlough scheme won't seem so expensive!