Bounce Back or give up!

Vooyah67

So I’ve been a sole trader with a small business for over 20 years always paying my taxes,but no business account

I’m trying to apply for a bounce back loan.
This is what I understand reading briefly on this site regarding who qualifies for it-
1.weak credit rating-ok
2.no business account but can apply for one to apply for the bounce back loan help (HSBC)- declined (due to credit rating)

what’s the point?

Grumpy_chap

Are you able to wait a week or so to apply while the bumps get smoothed out?  Even those just created by volume of traffic to the websites?  This is a new scheme, teething problems are to be expected.
Is there any reason you cannot go to your own bank first?

Vooyah67

My personal account is with the Halifax. At present they are not offering the loans but I agree with you that there are still issues that need ironing out so yes I can wait. Still with such trying times small business owners such as myself with a low credit rating should of been raised prior to bringing this in. I know there are many out there like myself

[Deleted User]

It certainly doesn’t seem like you have the option to give up. 

Unfortunately I think you are finding it more difficult because you were not operating a business account, whilst there are no requirements to operate a business account, using a personal account could be against the terms and conditions of that account. 

As you are with Halifax you may find it useful to look at the Lloyds guidance, on their website they have published a message that they intend to release further guidance, detailing support for those businesses or self employed people that have been using a personal current account. It’s not that useful at present but assuming they update it as it says it should help you. 

Good luck with whatever you decide to do, and hopefully options become available for you soon. 

Vooyah67

It will be the same for a lot of cash businesses. The reason a business account wasn’t necessary. I don’t have a turnover of any great scale
thanks for your input. Most appreciated 👍

monkey3margaret

My bank offering to switch my personal account to business. But will cost me additional charges of £450-£500 per year minimum. This needs to be sorted out as penalising small micro businesses who really need this help.

[Deleted User]

The scheme is flawed. Those are part of the loopholes of the program. The fact that the loans are currently being offered through high street lenders only sets a barrier. Fintech lenders have lobbied for weeks, yet none of them are operational. Have you applied for a normal business account - most have a minimal credit rating requirements - or the feeder account designed for a single transaction ?