Summary
The government-backed loans designed to give small firms quick and easy access to cash during the coronavirus crisis. If you've applied for one, what's your experience? Has it saved your business from collapse? Many listeners have contacted us, angry and frustrated at the time it's taking to get the loans approved. For some, time is running out. Without income, how can they pay the bills, never mind adapt to the new phase of lockdown? Unless they get this emergency cash, they're worried they won't survive.
Money Box Live wants to hear your questions, stories and successes. Email moneybox@bbc.co.uk or tweet @moneybox
Guests: Stephen Pegge, Managing Director of Commercial Finance, UK Finance Craig Beaumont, Chief of External Affairs, Federation of Small Businesses
Presenter: Louise Cooper Producer: Sally Abrahams Editor: Emma Rippon
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
| 0:10.8 | The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that. |
| 0:17.5 | With music on sounds, we offer collections and mixes for everything, from workouts to |
| 0:22.4 | helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put |
| 0:28.3 | together by people who know their stuff. So if you want some expertly curated music in your life, |
| 0:35.0 | check out BBC Sounds. |
| 0:41.2 | BBC Sounds, music, radio, podcasts. |
| 0:46.3 | Thank you for downloading Moneybox Live, the program about your money. |
| 0:50.4 | The government's bounce-back loan scheme was launched two months ago to give small businesses the cash to survive the coronavirus crisis. Since then, |
| 0:55.6 | almost one million loans have been approved. Now, the loans aren't large. The maximum is just |
| 1:01.6 | £50,000. Nothing is to be paid back in the first year. The interest rate is very low. And the |
| 1:10.1 | government guarantees the debt and will repay the bank if the business doesn't. |
| 1:15.3 | So if you have applied for a bounceback loan, how's it gone for you? |
| 1:21.0 | Email Moneybox at BBC.co.uk or tweet at Moneybox. |
| 1:27.5 | Well, let's speak first to William. |
| 1:30.0 | Hello and welcome to Moneybox, William. |
| 1:32.5 | Good afternoon. |
| 1:33.5 | Thank you for having me. |
| 1:34.4 | A real pleasure. |
| 1:35.1 | Now, you run a pretty sizable laundry business. |
| 1:39.1 | You wash towels for gyms, bars and pubs, 4 million turnover. |
... |
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