"When the scheme was announced in May the government said that it was to allow those who were not receiving any access to support, to gain access to support.
At the time I sought professional advice and was informed that I would 100% be entitled to the government, tax payer supported initiative. I proceeded to sell my car, to cover expenses to get me through the proceeding month on the knowledge I would be entitled to this, government backed, tax payer supported loan and repurchase a work vehicle before starting work again, having been left with no support so far.
Now 6 weeks since the initiative was announced, you’re informing me by way of reply that a profit corporation, in many cases publicly listed company, can discriminate as to who is allowed to access the government backed, tax payer supported loan?
If i’m not mistaken this is discrimination, with public funds via a privately owned company?
A shareholder owned entity can dictate & decide as to who’s business survives & who loses their livelihood? For a government backed, tax payer supported initiative?
Point 1.2 under the Bounce back loan scheme terms dated 2/5/2020
- reduce imbalances in access to finance for smaller businesses across the UK, including identifying gaps
Point 2 under the Bounce back loan scheme terms dated 2/5/2020
BBLS enables the smallest businesses (SMEs and ‘micro’ businesses) or other types of businesses which only require smaller loans, that have been impacted by the Coronavirus (COVID-19) epidemic to gain access to finance more quickly. The application process is fast, with borrowers completing a simple online application form, which is then expeditiously processed by Lenders. A business applying for a BBLS facility will, amongst other things, be required to self-declare that:
- it has been impacted by the Coronavirus (COVID-19) epidemic;
- it was not a business in difficulty at 31 December 2019 (if it was, then the borrower must confirmit complies with additional state aid restrictions under de minimis state aid rules);
- it is a business engaged in trading or commercial activity in the UK and was established by 1 March2020;
- it is not using CBILS, the Coronavirus Large Business Interruption Loan Scheme (“CLBILS”) or theBank of England’s Covid Corporate Financing Facility Scheme (“CCFF”), unless the BBLS facility will refinance the whole of the CBILS, CLBILS or CCFF facility; and
• its business is not in a restricted sector.
Would it please be possible to clarify the above as after taking personal measures by way of selling my vehicle to support myself though this time, based on all the above criteria which I can fulfil, im confused as to how a government scheme and the future of individuals is dictated via private companies?
As well as the above terms which are written the information given out via the media at the time of launch were similar, at no point did the scheme seem intended to support businesses with access to £500,000 worth of funding and not support those who are struggling to gain funding (as per point 1.2)
Any clarification would be a great help in regard to the steps i can take from here."
Will be interesting to hear their reply should it not be generic, not holding much hope.