Bounce Back Loan/ Change From Sole Trader to LTD

jsimpson20

Hi there. 
I'v been trading as a sole trader for nine years. on April 23 I changed to a LTD company. I've just attempted to apply to Starling bank for a bounce back loan but they are saying I am a new company and therefore not eligible. A bit random, but has anyone else had this issue? I'm panicking! 
Jenny 

whats_retirement

Who did you bank with as a sole trader, if it was also Starling, they should have your history.  If it was a different bank then you might need to approach them possibly.

jsimpson20

Natwest with my sole trader account (personal), but I opened my business account with Tide. I applied to Starling as Tide aren't offering the loan yetand they seemed to be the quickest to set up the account and process the BBL. I have applied for a business account with Natwest for the BBL but haven't been approved yet. What a pickle! 

whats_retirement

I was in a similar position, but with Lloyds, they sorted me in 3 days.
Good luck.

jsimpson20

Glad to hear you got yours sorted - and also, that gives me hope! Jenny 

Hermann

A Ltd Company formed on the 23rd April doesn't qualify for a bounce back loan.
Only available for those established before 1March.

HopeAndDriftWood

Yep, the Ltd company doesn't qualify, it had to be set up prior to March 1st. Mine was, but was registered late due to corona - even with a letter confirming this from Companies House, it's not eligible. You'll have to take out the loan as a sole trader.