The clock is quickly ticking down now until midnight on the 31st of March, and that is of course the time and day when the curtain finally falls on the Bounce Back Loan Scheme.
With over one and a half million loans processed and paid out, and half a million applications being declined or withdrawn I will leave it up to you to decide whether it was a success or not, however I seriously doubt you are going to see another business loan scheme appear in your lifetime that has as favourable terms as that scheme did.
Many people did get a BBL, and many people missed out, however even now in the dying days of the BBL scheme I have had a few people contact me and tell them they managed to get one:
One Hell of a Journey
It has been one hell of a journey for many of you, and for me, for at the receiving end of your grumbles, complaints, and cries for help I have certainly seen what many of you have had to endure.
It was a seamless process, getting a BBL for a lot of people though, however we are now at the point in time when we have to work out how to pay back those Bounce Back Loans, or even consider adding more debt onto our books by taking out a Recovery Loan as well.
Recovery Loan Scheme
In all seriousness though I doubt that the Recovery Loan Scheme is going to be the savour of a huge number of businesses, for with potentially variable interest rates, no initial interest only period paid for by the Government, and with credit checks being rigidly enforced on all applicants, many of those who did get a Bounce Back Loan are unlikely to get a Recovery Loan.
However, they will be launched on April the 6th 2021, and we will have to see what the small print looks like before making our mind up on whether they are business owner friendly or not.
Bounce Back Loan Defaults and Pay as You Grow Options
In the next couple of months, it will of course be then that those who initially got a BBL in May 2020 will be required to start their repayments, and I know that is causing many of you a sleepless night.
Many of you are now considering taking one of the Pay as You Grow options, to kick the repayment can down the road so to speak and will also be keeping one eye on how the banks and lenders have handled defaults too, as some of you will have no other option but to default and get the Government Guarantee to kick in and repay your BBL for you.
As such I have decided to continue to stick around and will be reporting in my own unique way how both the Recovery Loan Scheme progresses and will also be passing on all information that I receive about the Bounce Back Loan scheme, regarding defaults, PAYG options and anything else that crops up too.
1000 Pages of Free Content and New Premium Content
This website does take up a lot of my time as does too trying to making sense of the information I am sent and chatting to you all on Social Media, Email etc, and as such there are around 1000 pages of free content you can peruse on this site, and moving forward I will be posting up daily “Premium Content” on how things are progressing and hopefully plenty of juicy never seen before stuff that comes to light.
To help keep the lights on and put food in my belly, faux leopard skin shoes on my feet and petrol in the Ferrari, the premium content is alas not free, if you want to make use of that content and view the latest news and updates there is a small charge, that being either £2.99 for a week’s access to those articles or £9.99 for a month’s access to them.
Its your choice but it will help allow me to spend my time doing what I do with your support and keep this website advertisement free, as you cannot be impartial or gobby etc if you are taking advertisements from for example banks….
If you do want to sign up click on one of the links below and you will be taken to the secure payment page, once your payment has been processed you will be sent an email with instructions on how to sign up to view the content.
Finally, I know a lot of you are panicking about repaying your BBL’s and are worried about what the future holds, but as always keep the faith, you have made it through the last 12 months and with some luck the future may be a whole lot better.
Thank You for your Support.
£2.99 One Week Access Option:
£9.99 One Month Access Option: