The U.K. Government has recently introduced the so-called Bounce Back loans that sole traders, entrepreneurs, and owners of small businesses could apply for. If you’re interested in this new financing option and want to know who can help you with easy-to-access and low cost business funding in the U.S., you’re at the right place.
Bounce Back Loan: Too Good an Offer to Miss?
The U.K. government has introduced the Bounce Back Loan Scheme (BBLS) for the purpose of helping businesses severely hit by the coronavirus outbreak. Theseloans (up to £50.000 and with the maximum turnover of25%) have more than one attractive requirement. Namely:
- Short application process
- Repayment terms: 6 years + early repayment
- Interest rate: 2.5% yearly
- No interest during the 1styear
- No need to provide personal guarantees
- The borrower is always 100% liable to pay it back
- The borrower must self-declare he/shequalifies for the funds and confirm that
The BBLSstarted with 11 accredited lenders, and now The British Business Bank has given approval to 3additional lenders.However, the application process isn’t as smooth as it was promised. So, the reality is different.
Other Merchant Loans to Consider
BBLS is under the administration of the British Business Bank. If you’re interested in applying for these loans, you can do it until 4 November 2020. What about merchants in the U.S.? In the U.S., you can apply for business funding options offered by the government as well.
Apart from business funding options offered by the government, merchantsaffected by the COVID-19 outbreak can use alternative options such as alternative online loans. The latter options are faster and more easily accessible options.
Only, it’s critical to work with a trustworthy alternative online lending professional or business funding provider that can help you navigate these challenging times without major difficulties. To find the best high risk alternative online lender, get down to drawing a parallel among all the reliable options by focusing on the security, the cheapest possible rates, and other critical factors.
As you see, small businesses struggling to stay afloat aren’t limited to only loans offered by governments, such as a Bounce Back loan.You can also turn to alternative online lenders to get fast and easy access to the funds you need.
Author Bio: Michael Hollis is a Detroit native who now lives in Los Angeles. He is an account executive who has helped hundreds of business owners with their merchant loans solutions. He’s experimented with various occupations: computer programming, dog-training, scientificating… But his favorite job is the one he’s now doing full time — providing business funding for hard working business owners across the country.