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Bounce Back Loans HSBC

I wonder if people can help. I applied for an HSBC BBL to support me with cash flow - I own a nice holiday management business in Cornwall. I have received no money’s from anyone to date through the Covid crisis. HSBC in their wisdom have declined the loan as I bought the business in May 2020- even though it had been trading successfully for the 10 years prior to this. Surely this can’t be fair? 

Comments

  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 10 March 2021 at 5:12PM
     Flyer21 said:
    I wonder if people can help. I applied for an HSBC BBL to support me with cash flow - I own a nice holiday management business in Cornwall. I have received no money’s from anyone to date through the Covid crisis. HSBC in their wisdom have declined the loan as I bought the business in May 2020- even though it had been trading successfully for the 10 years prior to this. Surely this can’t be fair? 
     Of course its fair, you bought the business well after the pandemic started! Surely you knew you were not going to make any money and took the risk anyway? 
  • Thanks for your comment. I have single handedly supported multiple local businesses during last season and this, where there was little work around and continues to be that way. Do you feel that I am not deserving of access to support ? Really? 
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
     According to the rules you had to be running the business before a set date, you were not, so no you don't qualify. 
  • The rules state that the business should be running prior to the 1st March - which it had been for 10 years. 
  • [Deleted User]
    [Deleted User] Posts: 4,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 10 March 2021 at 5:47PM
     Flyer21 said:
    The rules state that the business should be running prior to the 1st March - which it had been for 10 years. 
     But it wasn't your business then 🙄
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