Even though the deadline for the Bounce Back Loan has been extended (Currently until January 2021), thousands of small businesses still struggle to secure one today. Keep reading this blog for tips on how to apply.
Many businesses who applied for Bounce Back Loans (BBL) have struggled to get their hands on the cash.
As a result, small businesses are now in a race against time to switch their bank accounts to the few lenders that are still accepting applications from new customers.
But on the bright side, there are still few lenders who are open for new accounts.
My name is James Nicholson, and I coach and mentor business owners just like you to get leads and sales online and grow a profitable business. I’ve helped thousands of business owners just like you to get loans in their business to get leads and sales in their business. And I know that you can have a bit of a struggle when it comes to these bounce back loans.
Here are a few things that you need to do to make sure that you’re approved and to get that money fast into your business.
The first thing is, go and get a bounce back loan (BBL) with the people that you already bank with. It’s going to be a lot faster to get that money into your account given that you’ve already got a history with them.
If you don’t have a bank that has lending criteria that you can borrow from, then do look on the government website and find the list of all the accredited banks or lenders and get an account with one of those people, there’s a ton on there.
If you’ve turned-over £20,000 last year, you’re able to get 25% as the loan. That would mean if you did £20,000 last year, you’d be able to get £5,000 as the loan.
Now, if you are a startup that was trading before March 1st 2020, you can apply on estimated turnover. If you were estimating that you would do £200,000 this year, you can get £50,000 which is the maximum amount of the loan.
I’ve made a ton of videos on this. On my YouTube channel, there’s a ton of stuff that you can find out about bounce back loans. (Make sure you subscribe to my channel)
Let me know your thoughts. Let me know if you’ve got a bounce back loan, how it worked out for you if you’re struggling with it. We’re here to help you guys. We reply to all the comments. And I want to help you also to get your business in order and get more leads and sales into your business.
If you have been rejected for a bounce back loan check out this post.