Coronavirus Business Loans: Experience Update

 

Since we wrote our article about all you need to know about Coronavirus Business Interruption Loans last week, we've been able to garner feedback and information from customers and friends.   Here, we're passing on some tips when applying for a loan:

 

• The banks are inundated with loan applications so it's a good idea to get in touch with your bank manager and keep the communication lines open!  Make sure your application is at the front of his, or her, mind!

 

• Once you've applied, there could be a couple of weeks before the money is in your account, so ask the bank if they can offer you other options in the meantime,  like an overdraft or an extension to your existing overdraft.

 

• Finally, you should not need to give a personal guarantee – so don't do this!  If in doubt, talk to other high street banks before you commit to one.  You can get a loan from any of the major players.