Business bounce back loans

ausryte2005

Hi, I messaged here already but can’t locate my post. I would like some help/advice regarding business bounce back loans. I bank with Tide and today I have received an email that they have to stop lending as they can’t secure any more funds from investors. From the 40 lenders list only few Hsbc and Barclays allow none customers to apply. 

HSBC - I applied for feeder account for my business, as this is required in order to apply for the loan if you are none customer. So basically this is a temporary account just to get the loan. However Hsbc do credit checks in order to open this account and because of missed/late payments in the last couple of months (cause of Covid 19) I have failed their credit check and they won’t open the account. Therefore I can’t apply for the loan. 

Barclays - in order to open business account you need face to face appointment and due to high demand the earliest date for appointment is 3rd September 2020 but again this not guaranteed that the account or the loan will be processed in time before the closing date in November as advised by Barclays. 

This is extremely stressful time for businesses like mine. Especially when you see people taking these loans even if they don’t need them and then they advertise of Facebook offering their investment in property etc. Is there anything can be done that banks like HSBC who accept none customers, they don’t credit score you personally in order to open business accounts etc. I really don’t know what else to do, and there seems nobody is ready to bring this issue up as I know a lot of people/businesses in the same situation as mine. I would appreciate your advice. Thank you 

Jeremy535897

If enough people write to their MP, maybe a change could happen. There is no logic in applying a tougher test to get a feeder account that has zero risk, than to the BBL itself. There is talk of it punishing people who use a personal account for business, but it also applies to business customers of banks that don't offer BBLs. Unsurprisingly a number of people are failing credit checks because of coronavirus, who are by definition the people these loans are supposed to help.