Bounce Back Loan – December 2020 UPDATE

Are you a business owner, entrepreneur, coach, or consultant that‘s considering applying for a bounce back loan but haven’t got it sorted?

Or did you apply for one but didn’t work out? Then continue reading this blog. 

I want to give you an update on the bounce back loans for business.

If you’re reading this blog, then you’re probably an entrepreneur, a coach, a consultant, or a business owner of some sort. Right now, due to what’s going on in the world, you’re looking to get funding for your business.

I’ve helped thousands of entrepreneurs just like you. A lot of them are students on my Business Accelerator Methodology to get one of these bounce back loans. 

Maybe right now, you’re in two camps, maybe you are considering that loan, and you haven’t got it sorted. Or maybe you’re someone who applied for one and it hasn’t quite worked out, and you’ve struggled to get it.

So if either of those is you then do continue to read this blog.

Now, the bounce back loans scheme (BBLS) are loans that are from the banks that are 100% backed by the government and they go from £2,000 up to £50,000.

Normally, when you take a business loan, you might have to put up something as equity, like a property or something. With BBLS, you don’t have to put any equity up. You can use the bounce back loan to fund your business, to grow your business, and to keep your business trading. 

Pro Tip: Whether you think you need it or not, take one of these loans and keep it in the bank for a rainy day, because you don’t know what’s coming up in the next six months, let alone the next year. It’s essential that as a business owner, you have that war chest ready because opportunities are going to come up. 

If you’re a sole trader, it’s slightly different. You should only take it as a sole trader if you’re 100% confident you can pay it back because you’re going to be personally liable if you don’t pay it back, but as with all of these loans, you should be taking something that you’re intending to pay back anyway. 

Now, some people have struggled to get bounce back loans (Click here if your bounce back loan was reject). What has been a stumbling block for people is some people have lower credit ratings. The bank is not allowed to stop you from getting the loan because anyone can get the loan. But some banks have got around this, they’ve stopped you opening a bank account, right? They say your credit is too low to get open a new account. 

So I want to give you a few ideas on what’s working now. Initially, one bank that wasn’t great was Starling Bank, I opened an account with Starling back in March 2020. And then they didn’t have any funding in place for bounce back loans. And I got an email that said, you’re just waiting in a list.

Well heres an update I’ve just worked with someone this week that has opened an account around the end of October, and two days after the application, he got the loan.

That’s because they’re now open to applications again. Starling bank is a good option for you. You can do it on an app in all the app stores, and then hopefully within three days, you’ll be able to successfully apply for one.  

Note: That doesn’t guarantee that everyone’s going to be sorted. So what you should do is a try with as many options as you can now here is a list of all the approved lenders.

Tip: The first point of call should be your current bank. So if you have a business bank account, go to them first. That’s going to be a lot easier and faster.

If you don’t have a bank, you need to open up a new account. I didn’t get the loan from Starling because I got on the waiting list. I’ve got one with Metro bank. Metro bank are sometimes opening new accounts, and sometimes they’re not. But my advice would be to open an account with every single option that you possibly can. 

Now, if they tell you that you can’t get one of these bounce back loans, or you can’t open an account, because your credit rating is low, you need to get onto your MP, you need to get onto your local MP and contact them about it because this is a government scheme.

This has worked for several people that I’ve helped as well. 

Another little hack that I’ve mentioned before is if you have a mortgage apply with that lender. I’ve got two people that have done this that don’t have a business account but they had a mortgage with NatWest that helped them fast track and get another account opened that little bit quicker. It’s called a feeder account

So there are lots of different options out there but time is running out and it takes a few weeks to get all of this through the system. So my suggestion is to try all the other banks that allow people to open accounts at the moment (do apply to all of them, not just one).

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