Bounce back loan for multiple business help

Bobsburgeman

Hello, I have received a bounce back loan through Santander for one of my businesses, my other business is with a bank that does not offer the loans.

I was wondering if I could apply again with Santander for my other business even tho they have already paid me for one. 

Their terms say one loan per business so I’m assuming it would be ok?

Has anyone else with multiple buisneses done this or have any advice?  

Thanks! 

davetheraver

How long did it take you to get a loan from Santander? Timeline of applying, signing agreement to receiving money?

Bobsburgeman

davetheraver said:

How long did it take you to get a loan from Santander? Timeline of applying, signing agreement to receiving money?

I applied Thursday morning and had the funds by 5pm the same day. 
Crazy fast! It seems I was lucky as many people have been waiting much longer. 

Grumpy_chap

There was a thread on a similar topic yesterday which may be of assistance:
https://forums.moneysavingexpert.com/discussion/comment/77177279#Comment_77177279

Whether you can apply for a loan for each of separate businesses depends on whether the businesses are linked as part of a group.  The link can be by individuals or activity or cross-trades.  There is a useful link in the other thread that goes to a sheet from Santander explaining whether businesses are in a group or not.

If businesses are in a group then there can only be one BBLS application for the group, but the group turnover is considered to set the 25% maximum loan (up to £50k of course).

If the businesses are truly independent, then each business can have separate loan.

What are the types of business you have and what is their ownership / management structure?

Bobsburgeman

Grumpy_chap said:

There was a thread on a similar topic yesterday which may be of assistance:
https://forums.moneysavingexpert.com/discussion/comment/77177279#Comment_77177279

Whether you can apply for a loan for each of separate businesses depends on whether the businesses are linked as part of a group.  The link can be by individuals or activity or cross-trades.  There is a useful link in the other thread that goes to a sheet from Santander explaining whether businesses are in a group or not.

If businesses are in a group then there can only be one BBLS application for the group, but the group turnover is considered to set the 25% maximum loan (up to £50k of course).

If the businesses are truly independent, then each business can have separate loan.

What are the types of business you have and what is their ownership / management structure?

Thank you for the link, ill have a read now.
Yes, both businesses are completely independent and are in completely different sectors, One is a recording studio and the other is a supplement business. 
Both are sole trader structure tho at the moment but I did plan on incorporating the supplement business quite soon. 
 

warby68

I suspect as a sole trader you can only have one.
You are only one entity.

Grumpy_chap

I don't know how you 'prove' two separate sole trader businesses in the context of the BBSL.  Did you submit two separate self employment pages with your 2018-19 tax return?  That might be the way to do it.

Jeremy535897

Unfortunately the Santander group illustration does not cover one sole trader with two unincorporated businesses. I don't think two loans are available in this scenario. I don't think using two different banks is the answer. I don't think you could self certify to the second bank that you had not applied for any other BBL. I would have more hope for an individual sole trader applying for one loan, and the same individual in partnership (historically, not just from today) with someone else (even a spouse) applying for another, but I'm not sure, and you would have to be up front with the bank.

davetheraver

What if it was 2 LTD companies? One a recording studio, the other a supplement business?

Jeremy535897

If you look at the link I originally posted, see the last scenario:
https://www.santandercb.co.uk/factsheet/business-group-guidance-sheet.pdf

davetheraver

So scenario D applies to this gentleman's query, but as they are not in the same markets..

Note: If Company A and Company B are not operating in the same (or adjacent) markets, each may apply for a Bounce Back Loan. 

He can apply for 2 loans