The qualifying rules are quite simple, if your business has been affected by the Coronavirus, then government help is available through participating banks, with existing customers having the benefit of a track record of trading with their Branch account- see,
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Details are being finalised with the Banks and primarily loans will have an interest free period and can be in different forms, dependent on requirements e.g. long-term loans, overdrafts, asset-based finance or indeed cash flow facilities.
Loan periods can be from three months to ten years, dependent on the type of facility required.
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Eligibility rules are as follows:
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Business Plans and borrowing proposals are at the core of your application as the banks are looking at quality of earnings, how much risk can be covered by security and, above all, quality of management team.
They would also like to see the impact of any other Government benefits arising out of the recent support measures such as HMRC time to pay schemes, special help with wages (furloughed employees, sick pay) and rates reductions.
Banks require a clear idea of:
- What do you require the money for
- For how long
- How do you wish to repay it
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Wincham are able to assist in the preparation and application process which will be online, once you have been approved of the final plan. Our fees are based on an initial down payment and a percentage of monies borrowed, dependent on success.
Our qualified personnel have managed many loan applications over the years who can find the best funding solution for your business.
We would be more than happy to supply a free initial consultation and quote.
In addition, we can also advise on protecting your personal assets and stake in the business to safeguard your investment.
Please complete the enquiry form on the right side of this page or telephoning a member of our Team on +44(0)1260 299 700.
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