Government to launch £520m Help to Grow scheme for SMEs

Originally written by Anna Jordan on Small Business
The £520m Help to Grow scheme, set to be announced in tomorrow’s Budget, could help 130,000 small and medium-sized businesses.
According to the Times, the Government scheme will provide access management training, technology advice and discounted software to improve productivity.
This plan will enable access to some of the UK’s top business schools, while encouraging more companies to adopt technology, in the hope of opening up opportunities to small businesses that larger businesses can normally afford.
Business schools are due to offer 50 hours of tuition with one-to-one support from a mentor.
The scheme will have two streams:
Digital
Digital will be an online service offering free advice on how businesses can improve their digital capability as well as allowing them to get 50 per cent off approved software.
Management
Management will provide subsidised management training to ‘enhance the skills of leaders’ in areas like financial management and marketing.
Andy Haldane, chief economist at the Bank of England, has said that poor management practices at companies may contribute to poor productivity.
The Federation of Small Businesses (FSB) national chair Mike Cherry said:
“Projects like this really make a difference for small firms who are wanting to change the way they operate, expand their horizons

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Which banks offer Bounce Back Loans? – how to find a BBL lender

Originally written by Timothy Adler on Small Business
Which banks offer Bounce Back Loans?
Twenty-nine lenders including all the high-street banks offer Bounce Back Loans.
Adams & Company Bounce Back Loan
AIB Bounce Back Loan
Arbuthnot Latham Bounce Back Loan
Bank of Ireland UK Bounce Back Loan
Bank of Scotland Bounce Back Loan
Barclays Bounce Back Loan
Capitalontap Bounce Back Loan
Close Brothers Bounce Back Loan
Clydesdale Bank Bounce Back Loan
Conister Bounce Back Loan
Coutts Bounce Back Loan
Danske Bank Bounce Back Loan
Funding Circle Bounce Back Loan
GCBF Bounce Back Loan
HSBC UK Bounce Back Loan
Investec Bounce Back Loan
Lloyds Bank Bounce Back Loan
Metro Bank Bounce Back Loan
NatWest Bounce Back Loan
Paragon Bounce Back Loan
Santander Bounce Back Loan
Skipton Business Finance
Starling Bank Bounce Back Loan
The Co-operative Bank Bounce Back Loan
RBS Bounce Back Loan
Tide Bounce Back Loan
TSB Bounce Back Loan
Ulster Bank Bounce Back Loan
Yorkshire Bank Bounce Back Loan
Can I open a Bounce Back Loan without a business account?
Most banks say that existing personal customers will need to a separate business account to service their Bounce Back Loan.
Danske Bank, RBS/NatWest, Starling, TSB, Ulster Bank state you must open a business account, even if you’re an existing customer.
And Bank of Scotland, Clydesdale and Yorkshire Bank say you “may” need to open what they term a “feeder” account for your Bounce Back

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What happens if I can’t repay my Bounce Back Loan?

Originally written by Timothy Adler on Small Business
Can I apply for a second Bounce Back Loan?
Yes, you can “top-up” your existing Bounce Back Loan if you originally borrowed less than the maximum amount available to you.
However, as of November 10 2020, you cannot apply for a second, separate Bounce Back Loan either from your existing lender or another lender.
How many Bounce Back Loans can I have?
A top-up is only available from your existing BBLS lender. A borrower can apply for a top-up that is for the lesser of £50,000 or 25 per cent of the annual turnover you certified in your original successful Bounce Back Loan Scheme application form, minus the value of your original loan.
Bounce Back Loan top ups
Under the Bounce Back Loan Scheme top up, if a borrower certified an annual turnover of £100,000 in their original application and took out a Bounce Back Loan of £20,000 (20 per cent of that certified annual turnover), they can ask to borrow an additional £5,000 (5 per cent of that certified annual turnover), taking their Bounce Back Loan to the maximum 25 per cent of their originally certified annual turnover.
Varying turnover amounts certified in original loan applications and the differing

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