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Tag Archives: bounce back loans

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Business borrowing increases four-fold in 2020 thanks to Coronavirus pandemic

Due DiligenceBy SulemanBaigJanuary 5, 2021

Business borrowing increased drastically throughout 2020 as businesses fought to survive the coronavirus pandemic.  More than £68 billion was partly or fully guaranteed by the treasury according to the Bank of England, with business borrowing increasing four-fold throughout the year. The UK government announced various support and loan schemes back at the start of the…

taxpayers bounce back loans

Taxpayers Could Lose Up to £26b on Unpaid Bounce Back Loans

Due DiligenceBy SulemanBaigOctober 8, 2020

A new report suggests that up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid.  The National Audit Office (NAO), the government’s spending watchdog, claimed that taxpayers could lose up to £26b thanks to fraud, organised crime or default. The Bounce Back loans scheme was aimed at small…

bounce back loans

Bounce back Loans Leave Banking Startup Tide Facing a Customer Backlash

Due DiligenceBy SulemanBaigJuly 24, 2020

Business Banking startup Tide is facing a backlash from its customers after the firm suspended its bounce back loans offering. After the government-backed support loans were launched in May, Tide had thousands of companies sign up to their waiting list. Now however, the firm has suspended loaning after running out of money; leaving thousands of…

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