How to Successfully Apply for a Bounce Back Loan

How To Successfully Apply For A Bounce Back Loan

Are you looking to learn how to successfully get a bounce back loan? Read this quick blog for tips on how to get one.

 

The Bounce Back Loan Scheme (BBLS) has been extended until 31st March 2021. (Great news if you don’t already have one).

(Watch How To Successfully Apply For A Bounce Back Loan) 

 

Most banks are not taking new customers. Don’t worry because there are still a few banks that accept applications, new lenders that accept new accounts. Just visit the government website for banks that still accept bounce back loans

 

If you want to be successful in getting a bounce back loan follow these steps. 

 

  1. Use the bank that you already bank with.

 

They’ve already got a history of you and they will have details on you that other people don’t. If you apply with the bank that you already have business with, then you will have a way better chance of getting that loan. 

 

  1. Do not overestimate your turnover

 

Banks can easily pull up your accounts from Companies House and they can see how much you turned over last year.

 

The bank is going to lend you up to 25% of your turnover. If you turned over £20,000 last year, you’re not going to be able to apply for a £50,000 bounce back loan but you’re going to be able to apply for £5,000 which is 25% of £20,000.

 

  1. You need to have been trading before March the 1st of 2020.

 

Now if you’re a new business, and you’ve just started up, you need to have been trading before March the first of 2020 in order to be able to get one of these bounce back loans.

 

If that’s you and you’ve been trading prior to 1st March 2020, good news, you’re going to be able to apply for a bounce back loan based on your estimated turnover. 

 

How easy or difficult are you finding the application process? Let us know in the comments!

 

Or maybe you are reading this because you have been rejected for a bounce back loan? If thats the case read this blog now.

James Nicholson 30 Lead Gen Strategies

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