Published by: Oliver ChappleGet your Website ready for the activity upswing that's inevitable!
Richi Sunaks announcement of the Business Bounce Back Loan Scheme enabling your business to potentially borrow up to £50,000, was on Monday 27th April. This incredible olive branch from the government provides businesses with a fantastic opportunity to prepare for the uptick in activity when lockdown measures are eventually, and inevitably relaxed, to the degree people can start buying, selling and renting property again. So that's great news for SME's and sectors that we specialise in, such as estate agency and financial services with our homegrown services and products, Websites and CRM.
Let's now look at the ways in which you could benefit from this BBLS scheme, what its headlines are, and some other potentially useful credit purchasing options that may be available to you. We are not here specifically recommending you take these loans, merely pointing out to you that they are there and maybe one quite simple way to secure a new Website with Webdadi or if you are a new business how you can launch a Website, have CRM all on 0% finance for a minimum of 20 months.
In summary, what does the Governement's BBLS Loan Scheme offer?
The Bounce Bank Loan Scheme is one of a number of government-backed lending schemes designed to support businesses affected by COVID-19.
Lending through the Bounce Back Loan scheme is capped at £50,000. For lending above £50,000 please consider the Coronavirus Business Interruption Loan Scheme (CBILS).
- The scheme is a 100% government-backed initiative for small businesses
- You can apply for a loan between £2,000 and £50,000* (up to a maximum of 25% annual turnover), for 6 years
- No repayments required for the first 12 months, and you won’t pay any charges should you decide to repay early
- Interest rate fixed at 2.5%
- Simple online application, with funds transferred to your bank account within days of being accepted.
If you have already applied for the CBILS loan, then you should not try and apply for this as well, as you can't have it both ways! The same is true conversely, if you get the BBLS loan then you cannot then also apply for the CBILS loan, so we're told.
Other ways to help you purchase a Webdadi tailored Website is perhaps to consider using a 0% Purchase Credit, using a 0% Purchase Credit Card. Credit card companies are offering 0% interest on purchases for up to 23 months right now, after, which you can either pay off during that time, or before that period expires, you can even extend this line of credit potentially, by transferring your credit card balance to an alternate credit card with 0% interest on balance transfers, for up to another 23 months, at the time of this writing.
Webdadi are not specifically recommending that you do this as we are not FCA regulated, we are just pointing out that this is one way of obtaining credit in the short term, with 0% interest to pay now, and you can simply pay off the credit balance as you go, as your business picks up and grows.
Here are a couple of links to that information on 0% purchase credit.
Now is the best time to invest in your marketing plan and marketing itself. See how you could benefit from the above and one of our Websites and even save money on your current CRM, perhaps even enough to offset the cost of a new Website.
Why not book an appointment with one of our Web Consultants to see how you could benefit.