Remain positive in Lockdown 2! 
 
Who would be pleased about Lockdown 2? It once again prohibits us all, both personally and in our business. However, we all have to play our part to save lives. 
 
On a positive note, Lending Made Simple has some good news for you! 
 
The Bounce Back Loans, (BBLS) and Coronavirus Business Interruption Loans, (CBILS), application dates have been extended until 31st January 2021. You can now apply for a top-up to your existing BBLS and CBILS. 
 
However, do not leave it too late as our funders are starting to close funding in certain industry sectors. 
 
I thought I would take this opportunity to talk you through the criteria : 
 
Bounce Back Loan 
 
Loans from £2k to £50k. 
You can borrow up to one quarter of your 2019 turnover. However, if you have lodged your 2020 accounts and they are better, you can apply for BBLS directly with the bank you obtained your BBL with. 
Top-up to 25% of the turnover you stated on your original application to your bank. 
If you take a top-up, your repayments will still start 12 months from your original loan. 
All fees are paid by the British Business Bank, (BBB). This can be up to 8% of the loan value. 
Interest for the first 12 months will also be paid for by the BBB. 
In the first 12 months, no payments, capital or interest are required. 
Rates 2.5% (from month 13).This content will be shown in the summary on the main blog page. Click on this text to edit it. 
 
Coronavirus Business Interruption Loan Scheme (CBILS) 
 
Loans from £50k to £5 million 
For companies turning over more than £200,000 
Borrow up to one quarter of your 2019 turnover. However, if you have lodged your 2020 accounts and they are better, we can re-apply for you. 
You can have multiple CBILS with different Lenders. 
All fees are paid by the British Business Bank, (BBB). This can be up to 8% of the loan value. 
The Interest for 12 months is also paid for by the BBB. 
There are no repayments for the first 12 months. 
Rates between 3% and 10.2% APR. 
If you want to pay back your loan in full early you can. Therefore FREE money for 12 months. Currently we have some funders who will allow you to partially pay off your loan. This means you will only pay interest on the outstanding amount. 
You can use the funds for many reasons……stock, re-financing current debt, grow your business, buy a business, buy a commercial property. 
If you already have business loans, you can consolidate these and give yourself some breathing space for 12 months whilst you get back to normal. It won’t cost you a penny to do this. You can ‘lose’ the Personal Guarantees (PG’s), you have outstanding. 
 
 
Stay Safe, Sanitised and Sane!! 
 
Kindest regards, 
 
Gillian 
 
 
Click on this text to edit it. 
You’ve identified a distressed business management buy-in (MBI) opportunity, but that’s just the start of your journey. Your priority now must be to convince the administrators in charge of the distressed business that a sale to you and your team is the best route forward. 
“Making more money will not solve your problems if cash flow management is your problem.” 
 
This profound quote from Robert Kiyosaki notes the importance of cash flow management in a business, and how even a company which is doing well on paper, can suffer from poor cash flow. 
When we were growing up, we unknowingly had access to the best revolving credit facility available, a.k.a. our parents. As an adult and a business owner, accessing additional funds is not quite as easy. We need to determine which business loan options are the best for our needs, and in some cases, whether we want to take out a loan at all. 
Following on from Lending Made Simple’s two years anniversary this month, the business is continuing to go from strength to strength. 
And now they have yet another reason to celebrate - they have been awarded the Deal of the Week by Growth Street, a London-based innovative Fintech brand. 
The accolade was received for securing a £1 million Growth Line facility for a Midlands based construction company. As with many of Lending Made Simple’s clients, the business had previously approached their bank but with little success. 
This month, Lending Made Simple celebrates two years in business – and it has been instrumental in helping many SMEs flourish in this tough economic climate. 
Set up by Gillian Palmer in 2017, the company aims to provide businesses with alternative funding solutions to those offered by standard high street banks. 
Gillian really believes in building long lasting relationships with her clients by working with them to find the right solution to make their business a success. 
You don't have to go it "a loan". 
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