Have you applied for your Bounce Back Loan yet?

If you run your own business as either a sole trader or limited company there won’t be many days when the government gives you something for free.

But today is one of those days.

The Bounce Back Loan Scheme (BBLS) went live on this morning. Businesses can borrow up to £50,000 (or 25% of their annual turnover, so it’s only for businesses with turnover of less than £200,000). There is no interest to pay or repayments to make for 12 months.

Thereafter interest is at 2.5%pa and repayment is over 5 years.

But for the next 12 months it’s free.

If you can’t invest – say £20,000 – in your business and make a return on investment that pays you back twice that amount you’re probably in the wrong business. Don’t think about paying off bills or loans….invest in your marketing engine.

Here’s some of the things you can do:

  • Get your website up to date;
  • Create ‘They Ask You Answer’ questions and answers for your Knowledge Centre;
  • Build your LinkedIn connections;
  • Set up Google My Business;
  • Develop a world-class follow up system;
  • Experiment with Google and Facebook ads;
  • Get your remarketing and pixel tracking in place;
  • Systemise your marketing tracking.

If you need help I can show you how to do all this…just drop me an email or give me a call.

It takes less than 5 minutes to apply.

What are you waiting for?

Noel Guilford

PS You can access the banks that are part of the scheme here
Noel Guilford, Principal at Guilford Accounting
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting guilfordaccounting.co.uk.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ His latest book, How to Build a Successful Business' will be published in 2018.

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