Can't Repay Bounceback Loan

 

 

 

Video Script

Hi there, I’m Chris from Real Business Rescue and today we’re talking Bounce Back Loans… that emergency funding that around 2 million businesses applied for in the wake of the Covid pandemic.

The application process was fairly simple and many businesses took the full £50,000 loan available to them at the time, but what we’re seeing is that a lot of these businesses just aren’t bouncing back.

There’s a perfect storm of economic pressures out there at the moment and it’s arguably never been a tougher time to trade. There’s rising costs across the board… gas, electric, materials, fuel, inflation, interest rates – all adding to the pressure already caused by Covid and the subsequent lockdowns.

It’s no surprise that the directors we speak to every day are telling us that their Bounce Back Loan is like a noose around their neck. It’s another high-pressure liability at a time when businesses just need some breathing space.

So, what can you do about it? The advice is simple – if you’re struggling to repay your Bounce Back Loan instalments, seek expert help at the earliest possible opportunity.

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At Real Business Rescue, we provide free consultations to all directors facing financial distress, including those with concerns around Bounce Back Loan repayments. The good news is that there shouldn’t be personal implications if you’ve spent the Bounce Back Loan for legitimate business reasons, but we appreciate that this can sometimes be a grey area. Regardless of how the loan has been spent, you can talk openly and confidentially with an expert adviser who can help you navigate the next steps.

Contact our team at Real Business Rescue today for a no-obligation and completely confidential chat about your Bounce Back Loan options - we’re the UK’s no.1 for director advice.