Last updated: 29 April 2020
How to use your Bounce Back Loans. Government Guidance
00:00 – Bounce bad loans. Oh my goodness. Another great phrase brought in by the government to support businesses. Now, that’s not a such a bad thing, right? I don’t mind them making up phrases and words. As long as there’s support businesses, businesses need. Oh, the help that’s coming. So let’s have a look.
Ah, the, the launch of these bounced back loans will be on the 4th of May. Right now we don’t have any applications. I’m gonna go quickly through this, cause you can see this on the website that, so we’ve put a link home in the notes below. They’re available for anything from 2000 to 50,000, the government will guarantee 100,000, sorry, 100% of the loans.
There won’t be any setup fees and there won’t be any interest to pay for the first 12 months with the loan terms up to six years. So you need to pay it back. There will be no repayments due in the first 12 months, probably just as well, given what’s happening and where are we going to be. And, uh. The government will work with lenders to agree a low rate after that for the period from year two to year six.
01:00 – And of course the loans will be delivered through its normal network of approved and accredited lenders. So you can apply for the loan if you all based in the UK, if you’re, if you’re a business, of course, if you’re based in the UK, if your business has been negatively affected by the VA, the coronavirus level.
Who knows how they’re going to prove that. Uh, I’m not sure that that many businesses that haven’t, other than places like Amazon and delivery people, but even they have been affected in some way. And the key thing is you mustn’t be under, have been undertake. You mustn’t have been having any. Um, troubles with your business in the period around December 19th.
02:00 – So if your business was solvent, I presume if it was not having any major issues, it was still trading. If anything was a Greg going, okay, then you will be in touch to the loan. If your business was already in trouble, it was falling off a cliff. Uh, then of course, um, questions may be asked as to why you want to loan, because chances are the business was going.
Down down the tubes anyway, so I don’t think that affects any of my clients, but I thought, you know, anyone seeing this video, you might just want to consider that you can’t apply if you’re a bank insurance company, insurance company, reinsures public sector bodies, a state funded private schools and all of that.
But. I just want to talk now about whether you should be looking at a loan. I’ve talked about this with the Siebel’s, but I want to just talk about these bounce back loans again. You know, 100% deductible, 100% guaranteed by the government.
03:00 – If you default on the loan, then it’s only the taxpayers rather than the, rather than you lose your house, it’s here to support businesses, which is a great, good thing right.
The question is whether you need for the liability around your neck and if you’re going to take a loan. My recommendation would be just to get a business plan sorted out. Chances are you’re going to need that anyway. Uh, look, do a cashflow forecast. You know, make sure you haven’t taken some of the other loans and you were okay in December 19.
But mainly look at what you’re gonna use the money for. It is an opportunity to get your business ready for a new environment. I keep talking about this because I feel strongly that I need to protect my business clients, and if you are not already inclined, you know, I’m hoping that the message gets through to you too, that I want you to be aware that, you know, I think.
04:00 – We need to be prepared for a completely different environment. If it doesn’t happen, you know, great. We’ve prepared and hasn’t happened. No big deal. Right? That is the best Mo. That is the best situation we can hope for, is if we prepare for it and we don’t need that preparation. However, in my, in my estimation, there is an over 50, 50 child that we’re going to need the plans for.
What happens if we’re in a completely different environment? And then you’d be well placed to look at your business model, look at what you do as a business, whether your business should continue in its current form or change a little bit. Should it change what it supplies, how it supplies, uh, who works for it, who you work for.
And this 50,000 pounds could be a brilliant way of financing the new, a new direction for your business to survive, to fight another day, to continue or either continue to employ people or employ new people, uh, to help the economy get back on its feet when it all goes back, you know, I am 100%. Confident that we will sort something out.
05:00 – As business owners, we are really resourceful. Business owners are amazing people. I actually love business owners and uh, I spend a lot of my time supporting them. And so I believe that we will be around to fight another day. However, we may need to understand that we may need to fight another day in a different way, in a different model, maybe selling different things, different services, and, uh, in a different way of promoting it in a different environment, in a different way of pricing it.
I don’t mean low pricing. Please don’t get me wrong. And I’ve done a couple of trainings now. Which I’m going to extend my offer through to may for anyone’s who’s, who’s interested in the free trainings I’ve done, I’ve done some trainings on how to look at a business in a new environment. I’ve just finished doing a training today, which is going to be talking about.
06:00 – 10 things you should do for a business start up. I’m going to be, it also deals with, if you’re an existing business, 10 filters to look through, uh, to look at whether your business is the right business for you going forward. You know, we, we look at examining how happy you are with your current business in 10 different areas and you can score it.
It’s, I’m not trying to, I don’t have any hidden agenda here. I just want you to. In the time allowed and the time available to review what’s going on so that you can begin to evaluate what’s what’s happening, uh, for you. And then make a judgment call. And if that judgment call is, look, I’m going to have a 10 minute call with Gordon just to hear his view of my business model going forward.
And I’m happy with that. If you haven’t taken one of my, uh, 10 minutes, uh, you know, they, they’re a rapid fire. Conversations where we really get into it quickly and if there is more to discuss and you like what you’ve heard so far, then you can book a longer call. But it’s really good for you to get to know me, for me to get to know you, see if there is some synergy.
07:00 – But, you know, really, really, really, my main concern is for businesses to think hard about how they could use this 50,000 pounds to launch again, when we get to open day, right? We all hoping for open day, whatever we calling it. And, uh. It’s when the locks come off and we, everything’s open right now. How that’s going to happen, nobody knows when it’s going to happen.
Nobody knows. All I well, we do know it will happen at some point and I want you to be prepared for the environment we come into so that you don’t get taken by surprise. What I then want to do is make sure that you run the best business you possibly can and the most money you possibly can. Help as many jobs get created as you possibly can, and then of course, put as much savings aside as you possibly can in case some of this happens against the U Bulletproof against disasters in any shape or form.
08:00 – Right. So, uh, this comes as a personal experience for me. You know, having had my mind a disasters of major disasters in the past, I am. Passionate about business owners being prepared so that, um, you know, the hard work that they do is paid off. Or I, this is Gordon D’Silva, wishing you well. I’m sorry to, to go through this quite quickly.
I just want to get message across and I don’t want it missed by mistake or I take care all the best. Goodbye.
00:00 – Bounce bad loans. Oh my goodness. Another great phrase brought in by the government to support businesses. Now, that’s not a such a bad thing, right? I don’t mind them making up phrases and words. As long as there’s support businesses, businesses need. Oh, the help that’s coming. So let’s have a look.
Ah, the, the launch of these bounced back loans will be on the 4th of May. Right now we don’t have any applications. I’m gonna go quickly through this, cause you can see this on the website that, so we’ve put a link home in the notes below. They’re available for anything from 2000 to 50,000, the government will guarantee 100,000, sorry, 100% of the loans.
There won’t be any setup fees and there won’t be any interest to pay for the first 12 months with the loan terms up to six years. So you need to pay it back. There will be no repayments due in the first 12 months, probably just as well, given what’s happening and where are we going to be. And, uh. The government will work with lenders to agree a low rate after that for the period from year two to year six.
01:00 – And of course the loans will be delivered through its normal network of approved and accredited lenders. So you can apply for the loan if you all based in the UK, if you’re, if you’re a business, of course, if you’re based in the UK, if your business has been negatively affected by the VA, the coronavirus level.
Who knows how they’re going to prove that. Uh, I’m not sure that that many businesses that haven’t, other than places like Amazon and delivery people, but even they have been affected in some way. And the key thing is you mustn’t be under, have been undertake. You mustn’t have been having any. Um, troubles with your business in the period around December 19th.
02:00 – So if your business was solvent, I presume if it was not having any major issues, it was still trading. If anything was a Greg going, okay, then you will be in touch to the loan. If your business was already in trouble, it was falling off a cliff. Uh, then of course, um, questions may be asked as to why you want to loan, because chances are the business was going.
Down down the tubes anyway, so I don’t think that affects any of my clients, but I thought, you know, anyone seeing this video, you might just want to consider that you can’t apply if you’re a bank insurance company, insurance company, reinsures public sector bodies, a state funded private schools and all of that.
But. I just want to talk now about whether you should be looking at a loan. I’ve talked about this with the Siebel’s, but I want to just talk about these bounce back loans again. You know, 100% deductible, 100% guaranteed by the government.
03:00 – If you default on the loan, then it’s only the taxpayers rather than the, rather than you lose your house, it’s here to support businesses, which is a great, good thing right.
The question is whether you need for the liability around your neck and if you’re going to take a loan. My recommendation would be just to get a business plan sorted out. Chances are you’re going to need that anyway. Uh, look, do a cashflow forecast. You know, make sure you haven’t taken some of the other loans and you were okay in December 19.
But mainly look at what you’re gonna use the money for. It is an opportunity to get your business ready for a new environment. I keep talking about this because I feel strongly that I need to protect my business clients, and if you are not already inclined, you know, I’m hoping that the message gets through to you too, that I want you to be aware that, you know, I think.
04:00 – We need to be prepared for a completely different environment. If it doesn’t happen, you know, great. We’ve prepared and hasn’t happened. No big deal. Right? That is the best Mo. That is the best situation we can hope for, is if we prepare for it and we don’t need that preparation. However, in my, in my estimation, there is an over 50, 50 child that we’re going to need the plans for.
What happens if we’re in a completely different environment? And then you’d be well placed to look at your business model, look at what you do as a business, whether your business should continue in its current form or change a little bit. Should it change what it supplies, how it supplies, uh, who works for it, who you work for.
And this 50,000 pounds could be a brilliant way of financing the new, a new direction for your business to survive, to fight another day, to continue or either continue to employ people or employ new people, uh, to help the economy get back on its feet when it all goes back, you know, I am 100%. Confident that we will sort something out.
05:00 – As business owners, we are really resourceful. Business owners are amazing people. I actually love business owners and uh, I spend a lot of my time supporting them. And so I believe that we will be around to fight another day. However, we may need to understand that we may need to fight another day in a different way, in a different model, maybe selling different things, different services, and, uh, in a different way of promoting it in a different environment, in a different way of pricing it.
I don’t mean low pricing. Please don’t get me wrong. And I’ve done a couple of trainings now. Which I’m going to extend my offer through to may for anyone’s who’s, who’s interested in the free trainings I’ve done, I’ve done some trainings on how to look at a business in a new environment. I’ve just finished doing a training today, which is going to be talking about.
06:00 – 10 things you should do for a business start up. I’m going to be, it also deals with, if you’re an existing business, 10 filters to look through, uh, to look at whether your business is the right business for you going forward. You know, we, we look at examining how happy you are with your current business in 10 different areas and you can score it.
It’s, I’m not trying to, I don’t have any hidden agenda here. I just want you to. In the time allowed and the time available to review what’s going on so that you can begin to evaluate what’s what’s happening, uh, for you. And then make a judgment call. And if that judgment call is, look, I’m going to have a 10 minute call with Gordon just to hear his view of my business model going forward.
And I’m happy with that. If you haven’t taken one of my, uh, 10 minutes, uh, you know, they, they’re a rapid fire. Conversations where we really get into it quickly and if there is more to discuss and you like what you’ve heard so far, then you can book a longer call. But it’s really good for you to get to know me, for me to get to know you, see if there is some synergy.
07:00 – But, you know, really, really, really, my main concern is for businesses to think hard about how they could use this 50,000 pounds to launch again, when we get to open day, right? We all hoping for open day, whatever we calling it. And, uh. It’s when the locks come off and we, everything’s open right now. How that’s going to happen, nobody knows when it’s going to happen.
Nobody knows. All I well, we do know it will happen at some point and I want you to be prepared for the environment we come into so that you don’t get taken by surprise. What I then want to do is make sure that you run the best business you possibly can and the most money you possibly can. Help as many jobs get created as you possibly can, and then of course, put as much savings aside as you possibly can in case some of this happens against the U Bulletproof against disasters in any shape or form.
08:00 – Right. So, uh, this comes as a personal experience for me. You know, having had my mind a disasters of major disasters in the past, I am. Passionate about business owners being prepared so that, um, you know, the hard work that they do is paid off. Or I, this is Gordon D’Silva, wishing you well. I’m sorry to, to go through this quite quickly.
I just want to get message across and I don’t want it missed by mistake or I take care all the best. Goodbye.
