SAC 1 Posted March 10, 2021 Hello all i was thinking of applying for a coronavirus business loan scheme i have been trading for 3 years now so should be ok has anyone had one? Is it better that stocking loans? kind regards Share this post Link to post Share on other sites
Anglo9 26 Posted March 11, 2021 On 3/10/2021 at 4:37 PM, SAC said: Hello all i was thinking of applying for a coronavirus business loan scheme i have been trading for 3 years now so should be ok has anyone had one? Is it better that stocking loans? kind regards yep , I took £50k and will be paying it back over 10yrs , interest is very low .....much better than a stocking which you are not actually paying off . Go for it ! Share this post Link to post Share on other sites
David Horgan 564 Posted March 11, 2021 On 3/10/2021 at 4:37 PM, SAC said: Hello all i was thinking of applying for a coronavirus business loan scheme i have been trading for 3 years now so should be ok has anyone had one? Is it better that stocking loans? kind regards One off loans are good to a point . But yes its a free one year 50k is a no brainer as long as your strict and make it earn money . seen some people spend it though and will be hard work work paying it off . Used as it should its a great move 1 Share this post Link to post Share on other sites
sellect2 19 Posted March 11, 2021 The bounce back loan is up-to £50k, based on a maximum of 25% of your turnover. Originally payable over 6 years with the first year interest paid by the government. No payments in the first year either. This loan can now be taken over 10 yrs. 2.5% interest, very cheap. Guaranteed by the government. Excellent as a stocking loan. Costs about £55 per month in interest! (Based on 6 years). The CBILS is for amounts over £50k and up to £250k. Share this post Link to post Share on other sites
