Can I apply for more than one BBLS loan if I have more than one business?

kimconniesid

I am a sole trader as my main source of income and also the director of a business with my sister which we started last year. Am I able to apply for Bounce back loan for both business as both are struggling as a result of Covid 19? 
Any help would be appreciated 
Thanks

mobilejo

Yes, a LTD company is its own legal entity and you can apply for a BBL on behalf of the company - that would be the company's loan. 

You as a sole trader are a separate entity, and entitled to apply for your own BBL.

Obviously there is still the BBL criteria for each business to contend with, but your involvement in other businesses is not one of them.

Galloglass

Before you do remember 

Stephen Jones, chief executive of UK Finance, which represents the banking industry, said: “While businesses only need to fill in a simple form online to apply, it’s important to remember that this type of finance is debt, not a government or bank grant, and will need to be repaid by the borrower. Lenders are required to seek to recover any unpaid interest and principal.” Source FT.

Knowing how pedantic HMG can be when collecting debt, I'd be cautious about how much money you take from them.

HopeAndDriftWood

I believe so, unless the businesses are deemed to be "in the same group or otherwise linked".
Although it's worth knowing that Starling have been given special permission by the Business Bank to only offer one loan per customer regardless of business size, and there are rumours that Tide will be approved with the same restriction.

Grumpy_chap

Your sole trader business and your Ltd Co business (with your sister) may be deemed to be linked, so that may mean only one BBSL between the two businesses.  If that is the case, though, I would expect the turnover calculation to be based on the combined turnover of the two businesses, then you can get 25% of that, so no actuall change in the amount available (unless the cap comes into play)

kimconniesid

Thanks all. The companies are not related at all as one is plumbing company and the other is childcare services. However as my name is on both is this what you mean as linked?

Jeremy535897

You say companies, but there is only one company?  I don't think your sole trade and a company of which you are a director, that are in two separate fields, are likely to be regarded as "part of a group". Who owns the limited company?

Grumpy_chap

kimconniesid said:

my name is on both is this what you mean as linked?

Yes, that is the context I thought the two businesses could be deemed as linked.
However, there is now more information shared and what @Jeremy535897 said seems to be more relevant in determining your sole trader plumbing business and your Ltd Co with your sister in the entirely different field of childcare as not "part of a group".

Would possibly be different if you operated as a sole trader plumber and the shared Ltd Co was a plumb-part retail.