Bounce Back Loan Scheme (BBLS)

Bounce Back Loan Scheme (BBLS)

As of the 4th May 2020, the new government backed loan scheme was launched to assist UK businesses that were struggling to obtain funding under the existing CBILS scheme.

The facility is designed to offer the lenders a 100% guarantee from the UK Government which then allows the lenders to reduce the credit checks needed to advance funds to those most in need of these loan funds.

The scheme offers loans from £2,000 to £50,000 and is based on a 6 years loan term with the first year being payment free (that is no interest of capital repayments until month 13). The government pay the lender the first year’s interest due as well as the lender arrangement fees.  The fixed rate of interest rate has been set by the Chancellor of the Exchequer at 2.5% APR.

The facility is initially only being offered through the High Street banks and so does not allow us to act for clients in making the application. The process is deliberately straightforward and includes several declarations, that are certified by the applicant, as the method of quickly producing the acceptance by the bank.

We do however remain committed to securing fast track acceptances through the CBILS portal which can be found here – CBILS Application Portal

 

To assist our clients and website users there is a handy reference chart below with direct links to the lender’s application pages.

NatWest Apply Now
Lloyds bank Apply Now
Santander Apply Now
Barclays Directly apply though the online business banking app
Clydesdale bank Apply Now
HSBC Apply Now
Bank of Scotland Apply Now
TSB Bank Apply Now

As the list expands, we will update this page and if we are asked to assist our clients in delivering this scheme in the future, we will provide a link to our own application portal.

If for some reason you are not able to secure a BBLS for your business, please contact us or complete a CBILS application to see if that is a better route for your business.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). Full details on CBILS and the list of participating CBILS Lenders can be found on the British Business Bank website here.

Don’t be worried about your business cashflow!

Product Type Finance Availability Time to Implement
Asset Finance

Plant & Machinery Refinance

Asset Purchase

Staged Payment on Purchases

£15,000 to £15 Million 1 to 3 weeks *
Cashflow Finance

Unsecured Business Loans

Secured Business Loans

£3,000 to 500,000 2 days to 1 week
Secured Overdraft (non-bank) £150,000 to £3 Million Within 14 days
Merchant Cash Advance £30,000 to £350,000 Within 10 days
Invoice Finance

Invoice Finance

Factoring

Selective Invoice Finance

£100,000 to £25 Million 3 days to 4 weeks*
Stock Purchase

Sold Order Finance

Overseas & UK Stock Purchases

£50,000 to unlimited 3 days to 3 weeks*

* Dependant on the complexity of the case and the need for external valuations.

 

The table above provides a quick reference guide to some of the products we may use to provide a bespoke solution to help support cashflow issues for UK businesses during the current Corona Virus challenges. Funds can be made available quickly, so don’t delay, talk to us today!

Please call ECS Group on 01482 635400 to discuss your requirements.

Business cashflow

ECS Management Services Limited are directly authorised and regulated by the Financial Conduct Authority (FCA: 777473)

COVID-19 Coronavirus Update

COVID-19 Coronavirus Update

We are taking the risk to health from the Covid-19 coronavirus seriously and are actively monitoring the developments to best protect ourselves and those we interact with.

Therefore, the management team would like to offer a Video Conferencing Service to all of our clients as an alternative to face to face meetings, if they wish.

This will be a free of charge service to allow business to continue, and to be able to help clients without spreading the virus further.

To take advantage of this, please call us on 01482 635400 or fill in the form below to book your online appointment.

 

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Christmas Opening Hours 2019

Christmas Opening Hours 2019

We would like to thank all our loyal clients, introducers and partners for working with us in 2019.

Please see our Christmas opening hours below.

Friday 20th December 9am – 5pm
Monday 23rd December Closed
Christmas Eve Closed
Christmas Day Closed
Boxing Day Closed
Friday 27th December Closed
Monday 30th December Closed
New Years Eve Closed
New Years Day Closed
Thursday 2nd January Closed
Friday 3rd January Closed
Monday 6th January 9am – 6pm

Business as usual from Monday 6th January.

There will be skeleton phone coverage on the 27th and 30th December, and the 2nd and 3rd January.

If no one is available to take your call, please leave a message and we will get back to you as soon as possible.

ECS Group raise £3,250 for Sailors Children’s Society Charity

ECS Group raise £3,250 for Sailors Children’s Society Charity

ECS Group were proud to continue to support the Sailors Children’s Society Charity again this year at the annual Sportsman’s luncheon, held at the Hilton Double Tree Hotel in Hull, on Friday 11th October 2019.

This is the 12th year that ECS Group have hosted a table at this prestigious event, and the 4th time we have provided a week at a luxury gite in Loire Valley as one of the auction items. Andrew Craggs, Managing Director of ECS Group, commented;

“Each time we have offered this superb item for the charity auction it has been very popular, and I was delighted that the hammer dropped at a very generous figure of £3,250! This money is used by the charity to provide essential funding to the many vulnerable families under the care of the Sailors Children’s Society and it is pleasing that the directors and staff at ECS Group have been able to contribute to this fantastic local charity in such a positive way.”

Andrew continued; “We are celebrating our 20th anniversary since commencing trading and this year to mark the occasion we are actively supporting charities on both the north and south banks of the Humber. This is just one of the initiatives we are involved with and we look forward to announcing further support in the coming weeks”.

The event was attended by nearly 650 local businesspeople from the Humber region, and in total the day raised over fifty thousand pounds. The guest speaker was Colin Jackson MBE who mesmerized the audience with his humbling story of his progression to become a leading Olympian. Colin kindly posed with Andrew Craggs and Dave Howarth, business development director, at the end of the event (see main photo).

To find out more about the charity, please see their twitter feed.