After delaying on the basis we really hate borrowing, we finally applied for BBL on our family business at the weekend with HSBC. Just had notification it's approved. Super easy, super quick.
We'd been initially scuppered, as a brand new business which was forced to close:
1. Brand new building not registered for business rates
2. Hired staff the day after the furlough cut off
However after a few days of near panic, we got in touch with our local MP who contacted a local council big-wig and told them to sort out 1.
And we were able to apply for local sustainability grant funding to cover 3 months wage bill which basically meant our one FTE got paid (in hindsight if we'd say my wife on a full salary they'd have paid that too!)
We're interested in the kickstart scheme but you have to pay wages then get reimbursed, so the relatively small loan is potentially a big deal.
Just nice to share some good news, and encouragement that sometimes you need to persevere... Though the latter is probably not news to anyone who started a business. When it's not just your savings but someone else's livelihood at stake, it's a big deal.
Sent from my ONEPLUS A6003 using Tapatalk
We'd been initially scuppered, as a brand new business which was forced to close:
1. Brand new building not registered for business rates
2. Hired staff the day after the furlough cut off
However after a few days of near panic, we got in touch with our local MP who contacted a local council big-wig and told them to sort out 1.
And we were able to apply for local sustainability grant funding to cover 3 months wage bill which basically meant our one FTE got paid (in hindsight if we'd say my wife on a full salary they'd have paid that too!)
We're interested in the kickstart scheme but you have to pay wages then get reimbursed, so the relatively small loan is potentially a big deal.
Just nice to share some good news, and encouragement that sometimes you need to persevere... Though the latter is probably not news to anyone who started a business. When it's not just your savings but someone else's livelihood at stake, it's a big deal.
Sent from my ONEPLUS A6003 using Tapatalk
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