I’m sure its like many others you have/will receive. It would be great if you could get it under the right eyes and get some much needed publicity for the thousands of people like me that are on paper eligible for the BBLS but the banks are playing god and cherry picking who the will lend to and who the wont despite a 100% government guarantee.
Me, I’m in Northern Ireland, run a successful pizza takeaway that whilst still trading has been hard hit but Covid.
I have been established for just over 4 years and pay my taxes etc but about 6 years ago had to do an IVA after a much larger business failed (ironically at the hands of HSBC in the last crisis). Anyway the IVA is fully paid and settled around four years ago and my credit rating according to Equifax is Good (sorry was good until all the recent bank credit checks).
I bank with Ulster Bank (RBS/Natwest in N Ireland) and as my business is small i just use a personal account for business needs which is only a few standing orders each month as most of my sales are cards through paypal. My business banking needs are modest at best.
Anyway supposedly the fact i use my personal account shouldn’t pose a problem as the chancellor stated a dedicated business account would not be required to get a BBLS loan.
I duly applied to Ulster bank and after 4 weeks was declined, they asked me to prove that the IVA was settled which i did but the refused to open the “feeder” account for the loan so i was unable to continue with the application.
I tried HSBC as they where one of the only banks open to non-customers but same story, declined.
Whilst the banks are not supposed to credit check anyone who applies for the loan they can and are checking anyone who applies for the “feeder accounts” and are declining anyone with the slightest blemish on their credit record.
I have of course raised formal complaints with both HSBC and Ulster Bank, the response from HSBC was the usual boiler plate cut and paste crap you would expect. Ulster Bank have said they will look into it but i ultimately expect the same cut and past reply.
I have contacted the first ministers office in Northern Ireland who had no interest what so ever and they referred me to a local MP who despite constant reminders hasn’t bothered to get in touch so the media remains my only hope. Local media have so far been unresponsive so good luck.
The mental anxiety caused by the whole procedure is truly horrific, the pain of the inevitable slow death of a viable business you have poured nearly five years of your life into is sole destroying when its caused by government imposed restrictions that are beyond anyone’s control.
I have been so extremely stressed that most days i cant concentrate on anything and have near constant chest pains with stress, all caused by banks that are guaranteed their money by the government. It’s truly criminal what the banks are doing, supposedly nearly 25% of eligible businesses are being refused, that’s going to be a lot of people potentially going under and maybe under so much pressure they too might not feel unable to continue on a personal level, i know i certainly feel at the end of the road due to this. There’s only so much pressure people can take and a lot of us have exhausted every possible Avenue with no luck.
Many of us will not just loose our businesses but more than likely for lots of us our homes, potentially relationships or marriages as a result of the blatant abuse of the BBLS by all of the major banks. What looked like a panacea handed down by the chancellor has in reality turned into an horrific nightmare at the hands of the banks for around a quarter of qualified and eligible businesses and its just being glossed over by the daily diarrhoea coming from Mr Sunaks office.
The chancellor came up with a scheme in the BBLS that was meant to get money to small business within days with no hassle or red tape, no credit checks or the usual rigmarole associated with normal lending after the failed CBILS scheme.
Anyway if you can possibly get me and the many others some publicity I’m sure it will be much appreciated.