No bank account and cant open one so no BBL?

Thrugelmir

danielle_128 said:

Does anyone have anything constructive, helpful or informative to add to this thread?

Keep plugging away at your business, Never easy to get one off the ground. 

jayzor

You have been both ignorant and arrogant on this thread and yet seem to wonder why a few people have enjoyed being blunt with the truth!? Good luck with your business, i have a feeling you might need it.

Percy1983

Banks seems fine with me, setup my business years and got banking to go with it, logged into banking it said I could apply, filled out a form and got the money the next day.
Of course my bank had years of my trading and fees so could easily see I was a trading business and the loan amount asked was reasonable.
I don't see how you can complain when you legible, one of the questions is what is your turnover for last year, in your case its 0 so your loan amount will be 0.
Good luck with your business but you are going to have the same hard slog the rest of had at the start + corvid19 potentially making it worse.

mattyprice4004

danielle_128 said:

Does anyone have anything constructive, helpful or informative to add to this thread?

Yes, don’t waste the moderators time reporting comments that while accurate, don’t suit you.

Just because you don’t like it doesn’t mean it’s not true. 

25_Years_On

danielle_128 said:

Does anyone have anything constructive, helpful or informative to add to this thread?

This thread is full of good and accurate advice which you should find very informative.

macman

OP, do you have evidence that you were actually trading by 1/3/20 (just registering a ltd company is not trading)? If not, your loan application would fail at the first hurdle, whether you had a bank account or not.
Quite why you would form a ltd company before establishing if you could even get a bank account to service it is beyond me though.

Dr_Crypto

Maybe they intended to use transferwise?

SnowTiger

danielle_128 said:

Does anyone have anything constructive, helpful or informative to add to this thread?

According to HSBC: 

Any business can apply for loans up to 25% of business turnover, between £2,000 and £50,000

Edit to add: I've just taken a gander at other banks offering bounce back loans.  HSBC appears to be the only one that you don't have to already have a business banking relationship with.

You need a turnover of at least £8,000 to apply for a loan.  I don't know if a projected turnover of that amount would fulfil the requirement.

And: 

You do not need to have a bank account with us in order to apply for or maintain this loan.

It appears you don't have to bank with the organisation you apply for a bounce back loan from.

Several companies offer business bank accounts, performing ID checks, but not full credit checks.  For example: 

Anna: https://anna.money/sign-up
Coconut: https://getcoconut.com/
Revolut: https://www.revolut.com/business/business-account
Tide: https://www.tide.co/

There are others.

The accounts come with a debt card and have a sort code and account number associated with them.

Tide specifically says it doesn't carry out credit checks: 

Do you carry out credit checks?

No! To open a current account, we perform electronic checks (run by third-party services) to verify your identity and comply with UK anti-money laundering regulations. While these checks will not impact your credit score, they will appear on your credit report.

Anna suggests it doesn't perform credit checks: 

Traditional banks use a manual credit checking system to vet future customers. ANNA doesn’t offer credit, which means our process is different by design – it’s fast, and applying won’t affect your credit score.

Coconut doesn't perform credit checks: 

Coconut isn't a bank, and so we don't offer overdrafts or credit.

On the plus side, you can't go overdrawn, and we also don't do credit checks on new customers, making our sign up process much easier than traditional banks.

Jeremy535897

I don't think you need a turnover of £8,000 or more to apply for a BBL. If your turnover is below £8,000 you can still apply for a £2,000 loan.

macman

As far as HSBC BBL is concerned, you need to supply your bank account details with the application, as the funds are transferred automatically from the feeder account to your own account upon approval of the loan. You also need to complete a DD at the same time, by which repayments are eventually taken after the interest-free 12m period.
So, regardless of the commencement of trading date or projected minimum turnover requirements, their application would fail, as Transferwise does not offer current account facilities and is in no way a bank.
Even if the OP did have a UK bank account, they would probably have been rejected anyway, after a default was flagged up when the credit check was run on the feeder account application, which is a prerequisite for the BBL application.