Bounceback Loans launched to support Corona affected Businesses to grow after lockdown.
Covid19 has caused interruption to many business’s over the last 4 months. Since returning to work, we have found multiple businesses’s using this down time to reflect on their business, plan for the future and in turn re-investing in the machinery that is required to re-open and hit the ground running with one less limitation.
On the 27th of April, Chancellor of the Exchequer Rishi Sunak announced the Bounceback Loan schemes to help small business survive during this period of uncertainty. In comparison to a standard loan often used to finance machinery prior to Covid19, a bounce back loan offers a 2.5% interest rate against an average of 7.9% from a high street bank.
The versatility of a BBL, allows for a cash injection to ensure security and investment in the wake of this global pandemic. Unlike finance agreements, taking a BBL gives the flexibility to the business. With business’s able to borrow up to £50,000, the funds can be used for a multitude of investment such as growth, staff, product development and research, training, diversification and machinery.
With a low interest rate of only 2.5% and nothing to pay for the first 12 months, Sagetech Machinery Vertical Panel Saw would have paid off its initial cost, before the first payment leaves your bank.
During lockdown, we have heard many stories of our customers having the demand to remain open and profitable but have had to turn work down due to closures and blockages in their supply chain. The unreliability of a supply chain in this situation means that it is more important than ever to bring as many elements of your supply chain in house, allowing full control of your work schedule.
Purchasing a Sagetech Machinery Vertical Panel Saw will allow you to bring your sheet cutting inhouse whilst adding a depreciable asset to your business, reducing your corporation tax and giving you reassurance and security to bounce your business back after the pandemic.