BBLS - My bank doesn't offer it!

Martyncapp

Hi all, 
I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. I didn't need the loan originally so held off for not wanting to get it for the sake of it, now feel like I am being punished.
Does anyone have any information that could help me access the funds? I have been a sole trader for 3 years now. I have no lending accounts with any of the lenders, only a newly open Personal account with HSBC but still cannot apply with this. 

jonesMUFCforever

You are not being punished for not taking out a BBL.
If you do not need it you do not need it - end of.
You would have to repay it and eventually pay interest of 2.5% on it.

If you want to persist -  then you must find a bank that will open you a business account - even then there is no guarantee that you will get the loan.

Martyncapp

Thanks JonesMUFCforever. I merely meant punished for not looking at getting the loan earlier. I stated I originally didn't need the funds, I do now. Now I do, I cannot get the loan because banks/lenders are making it difficult/impossible if you don't bank with them.

jonesMUFCforever

Well if you have a business account with Nationwide then my complaint would be going to them - for not providing an essential service.
You don't state if you have a business account - do you?

MEM62

I your bank doesn't offer it you need to change bank. My wife faced a similar issue with her business, although in her case a Limited company with a long trading history.  In her case they went to one of the progressive banks - Metro - and had the money in their account in a matter of days.  Bear in mind though that this is not money that is available under any circumstances.  Your business has to be viable and meet the lending criterion.       

Sandtree

Martyncapp said:

I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 

Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 

jonesMUFCforever

Sandtree said:

Martyncapp said:

I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 

Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 

Try this,
https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account

Sandtree

jonesMUFCforever said:

Sandtree said:

Martyncapp said:

I am like many who seem to have fallen in between the cracks. My bank (Nationwide) doesn't offer the BBLS and no other bank/institute will let me apply. 

Unless I am reading their website incorrectly, Nationwide doesnt offer business bank accounts and so they naturally wont offer the BBLs... who is your sole trader account with?

I am guessing in reality you have been breaching the T&Cs of your account and using your personal account for your business activities but are now understanding the consequences. 

Try this,
https://www.nationwidecommercial.co.uk/help-and-support/opening-an-account

Is a savings account option, so remains to be seen who the current account is with