GreenLoan Kickstarter Loan for COVID Recovery
At GREENLOAN COMPANY LIMITED we understand that things haven’t exactly gone as planned since COVID. But we know what all of you amazing businesses are capable of. Therefore, we have launched GREENLOAN Kickstarter, a dedicated COVID recovery loan to help small-medium businesses that have been severely impacted by the lock-down get back on track.
You might have applied and consequently been declined for a traditional business loan since you didn’t meet the usual revenue criteria. And now you are wondering how GREENLOAN can offer such a COVID Recovery loan when other lenders can’t?
Well, the answer is simple - we are committed to adapting our products to the ever changing needs of our small business customers. And that’s what we did.
It’s a business term loan or lines of credit to help business owners kick start their business after a significant revenue loss due to COVID restrictions. You can take out this loan for up to 12 months and borrow up to £5,000,000 which is subject to your credit assessment.
Can any business apply for a GREENLOAN COMPANY LIMITED Kickstarter Loan?
Eligibility for the GREENLOAN Kickstarter Loan is subject to its general Terms & Conditions. A business will need to prove the impact of the recent lockdown on their revenue and provide a clear plan for how funds can help them get back on track.
When the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) were introduced last year to support businesses affected by COVID-19, it was anticipated that they would only be needed in the short term. However, a fourth extension to the deadline for putting in applications has now been confirmed.
Businesses need to be aware that the borrower remains liable for the loans under both schemes. Although the Government is providing a guarantee to the lender of 100% in the case of BBLS and 80% in case of CBILS, it is the lender’s own money and the lender has to follow its own normal debt collection procedures before being eligible to apply to the Government for support to cover any losses.