No help for solo ltd companies

robbbyc

Just been refused a £6k bounce back loan from my business bank {RBS} with no detail on why. Are there any banks lending bb loans that do not require you to have a business account with them and will consider an application that has been refused elsewhere? I am considered as an employee of my company by HMRC so cannot get self employed assistance but don't take wages through PAYE so cannot furlough myself. Pay taxes on a £10k annual salary through CIS deductions. Can anyone suggest any avenues for financial assistance?

Grumpy_chap

It is probably best to try to make contact with RBS to understand why the BBSL was declined before going to a repeat application with another institution.  That might reveal that RBS can advance the loan, or might give you a reason that is really a mistake in understanding somewhere along the line and, better informed, you could avoid the same admin error second time around.

If you are your own Ltd Co and only draw £10k salary, does the business have any retained earnings from which you could pay yourself a dividend?

Failing that, UC.

Thrugelmir

Which bank account do you conduct your business activity through? 

robbbyc

Royal Bank of Scotland.

robbbyc

UC demanding a joint application if living with partner and with better half furloughed on 80 percent salary there is no assistance available. Don't take dividends as profits are nominal.

stratty

What's your turnover? The loan application needs to be 25% of that so your turnover per annum would need to be £30k.

robbbyc

Thanks to all that take the time to comment/advise - its appreciated.