Already accessed government backed funding

What if I have already taken a Bounce Back Loan, a Coronavirus Business Interruption Loan or a Recovery Loan and I’m looking for additional funding?

Government backed funding

More than 1.6 Million businesses took out a Bounce Back Loan (BBL) or a Coronavirus Business Interruption Loan (CBIL). You may have been amongst those businesses that used these government schemes during the crisis.

If you’re looking to borrow additional funds, then lenders will take into account the repayments you need to make on those (and any other) debts to ensure you can afford to repay the loans you are taking on.

With this in mind you there are a number of different types of finance that may help you find the money you need, as these solutions are designed to help you with balancing repayments including:

Pay As You Grow (PAYG) 

If you currently have a Bounce Back Loan (BBL) you can speak to your lending provider about Pay As You Grow (PAYG) options which can provide you with flexibility and more time to repay your loan.

Merchant Cash Advance (MCA)

Funding provided through an MCA product, typically for retail type businesses, is repaid by paying the lender a percentage of your card and online takings, as they come in, so that your repayments are balanced with your income

Invoice Finance

With this solution you can borrow money against invoices you have raised with your customers, and the debt is then repaid as those invoices are paid to you

Flexible Credit Lines

These solutions are like an overdraft facility and allow you to repay the money borrowed in short timeframes if you are able to. This reduces the overall cost of the funding

Business Credit Cards

Using these solutions can give you up to 56 days of interest free credit, if you are able to repay the money used in full.

As you look for additional finance you should also be aware that the BBL, CBIL and RL schemes were established by the government in a time of crisis. They provided support to huge numbers of small businesses, in unprecedented times. The schemes gave the lender a government-backed guarantee and the assessment criteria was more lenient (particularly for BBLS), to allow businesses to access finance promptly during the coronavirus outbreak. For new funding requests, you might expect to see:

  • Higher costs per £1,000 borrowed
  • Shorter term lengths available for the funding
  • A more detailed assessment of your business by the lender, through the provision of more documentation such as management accounts (particularly for loans of over £25,000)

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We are working with Lloyds Bank, to help you understand what banks and lenders are looking for when you are applying for finance. We want you to decide when you are ready to apply for finance and to do so successfully.

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