Applying for a bounce back Loan

[Bodd]

You would also need to prove your existing business has suffered.

It has without a doubt I just handed my books in for 19 - 20 £20,000 turn over down from the year before and this year (which counts) is down on that by chunk.

 

[Bodd]

So? it's got nothing to do with your current business.

Ok

Im going to buy or lease a new Van next year, do you think I should buy the van for existing business with bounce back loan, and keep it separate from the house renovation.?

 

[Dangee]

Not sure what the housing market is gonna do at the moment. Apparently more demand outside of cities since lockdown #1

 

[Dangee]

Turnover isn’t the same as profit though

 

[Bodd]

Not sure what the housing market is gonna do at the moment. Apparently more demand outside of cities since lockdown #1

No its a tough market and I think buying a renovation that warrants the price will be a problem

 

[Dangee]

It’s who you know. (Don’t know any MP’s do you? )

 

[Bodd]

Turnover isn’t the same as profit though

That is a point as a big chunk of that £20000 was materials. I got more customers to pay more for materials as I nearly went over the VAT the year before. And I don't want to be VAT registered.

 

[Dangee]

Or customers, probate property’s can be a good opportunity.

 

[Bodd]

It’s who you know. (Don’t know any MP’s do you? )

I met boris once

 

[Bodd]

Or customers, probate property’s can be a good opportunity.

what is this?

 

[Dangee]

When a customer or family member of customer dies. The property’s get sold.
Sometimes if you’ve had a good long term relationship with them you can get a property without it getting advertised by agents. No fees either.

 

[Mottie]

You can only take out a bounce back loan for an existing business and you can only spend that money on legitimate business expenses such as rent, rates, utilities, repairs, wages etc. I think you can also only borrow a Max of £50k or 25% of your last annual turnover, whichever is the lowest.

 

[Bodd]

When a customer or family member of customer dies. The property’s get sold.
Sometimes if you’ve had a good long term relationship with them you can get a property without it getting advertised by agents. No fees either.

Really .....???

 

[Bodd]

You can only take out a bounce back loan for an existing business and you can only spend that money on legitimate business expenses such as rent, rates, utilities, repairs, washes etc. I think you can also only borrow a Max of £50k or 25% of your last annual turnover, whichever is the lowest.

Would I be able to buy a new van with it?

 

[Mottie]

Yes. If it’s for work. Many people are doing this - it’s a cheap way to finance a new vehicle. You could even pay off any existing business loans with it too.