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 
 
 
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