2020 will not just be the year of the pandemic, but also the year that the UK government spent billions on actively helping nearly every business in the UK with financial support. The word unprecedented has been overused, but this really has been an unprecedented year. A big part of the support is cheap and easily-available business loans.
The BounceBack Loan and the Coronavirus Business Interruption Loan are widely available. They are cheap because the government make them so! With a 2½% interest rate, 10 year repayment terms and the first period is repayment free and interest free.
My headline and point is that every business should take a BBL or CBIL business loan. Why? Well every business owner should be able to take a chunk of money and make it earn more than 2.5%pa over the next 10 years. If you can’t do that then there is probably something fundamentally wrong with your business, in which case take the money to get advice on how to improve your business!
Now this is a glib statement and may well have ruffled a few feathers. But if the government is actively helping you, the onus is on you as the business owner to say thank you, take the loan and then use it to best advantage.
Of course, some businesses will be struggling and using loans as a way of simply staying in business. In which case, let me know if there is anything we can do to help you in that process. But for every other business, these loans provide a means to growth – so use them!
The government wants you to take these loans … and use them to rebuild the economy, so do just that! Build your company with sales and marketing, or new equipment, in training your team, by upgrading your software, by buying stock, etc., etc! … whatever will be of most use to help your business grow and develop!
…and we can help you with the planning for what you can do so that your business makes the most of this opportunity – so get in touch and book a meeting to discuss this.