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BBS Scheme - Printable Version

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BBS Scheme - Maria B - 05-13-2020

Does anyone know if the BBS scheme can be used by CICs who are not quite there making more than 50% of their income from trading yet?

RE: BBS Scheme - MMills - 05-13-2020

Hi Maria, my name is Mel. I work for Big Society Capital as Social Sector Engagement Director and am responsible for Whilst the requirement for 50% trading was removed but for charities (not CICs ) for CBILS  -Coronavirus Business Interruption Loans this has not been applied to BBLs (Bounce Back Loans) so on the face of it if your CIC doesn't get 50% of turnover from trading then you may not be eligible. There are a few other things you can explore to check this. Have you used the . This will help you understand what you are eligible for. In the CBILs FAQs there is some helpful information for newer businesses to understand how to calculate turnover (so whilst a different scheme the same criteria and calculation is relevant) etc as for  a Bounce Back Loan you need to self certify. There is no doubt that BBLs is the cost affordable and quickest way to get loan finance. Loan finance will only work where revenue to repay is still expected. We have a few other things which might be helpful - an easy guide to support available, other sources of finance and funding and a forthcoming webinar on all the different type so emergency /Loan Finance . I hope some of this might be helpful. Happy for you to connect directly if I can help in any other way Mel PS I am aware of at least two other social enterprises who have accesses BBLs to date

RE: BBS Scheme - Maria B - 05-15-2020

Thank you that really helps clarify what I though it was saying. We are lucky in that our position is ok at the moment but if we cant open up our trading activities by July then things are going to become more difficult. We are putting some time in now exploring how we can adapt what we do to be able to trade online or in safe ways - very unforunate timing for us as our trading was just starting to really pick up. sigh! I'll check out and share the links you suggest with our director team thank you.