Kirit Ved (Ved’s News, Stoke Newington, north-east London) writes that he is self employed and is trying to get a business Bounce Back Load (BBL) from the authorised lenders. He writes: “But all of them are asking for a business account with them, which I don’t have. I have a current account with Halifax but they are not an authorised lender. I will appreciate if you can point me in the right direction to whom and how should I apply.”
All I could suggest was opening an account with an authorised lender. There are plenty of them.
You can make an application if:
- Your business has been impacted by the coronavirus (COVID-19) pandemic
- The business was not a business in difficulty at 31 December
- Your business is engaged in trading or commercial activity in the UK and was established by 1 March 2020
- You are not using the Coronavirus Business Interruption Loan Scheme (CBILS) (unless the Bounce Back Loan will refinance the whole of your CBIL)
- The business is not in bankruptcy or liquidation or undergoing debt restructuring at the time it submits its application for finance
- The company derives more than 50% of its income from its trading activity
I know someone who applied through HSBC and not only found it a pretty easy process but was surprised to get £30,000 in his business account quite promptly.
Kirit has since told me that Santander has taken his details and will let him know shortly.