Bounce back loan query

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jerzy

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Joined: Thu Nov 05, 2020 8:22 pm

Post by jerzy » Thu Nov 05, 2020 8:22 pm
Hi,
I am a sole trader, since about a year under personal IVA. My provider gave me a permission to apply for the bounce back loan. But when I start the application I need to declare that I am not under IVA.... Does it apply to personal ones as well? do I have any other option to get any business loan?
Thanks in advance

Kindest regards

lifenoteasy

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Joined: Thu Feb 05, 2015 2:26 pm
Location: United Kingdom

Post by lifenoteasy » Fri Nov 06, 2020 8:29 am
Unfortunately, as a sole trader, there is no partition between your business and personal finances, so the IVA means that your business is not regarded as viable, which is the first condition of applying for a BBL.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
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