Wood Green BID has written to the Secretary of State for Business, Energy and Industrial Strategy on behalf of the Muslim Business Community over a concern in reference to the CBILS and BBLS interest free period.
After meeting and discussing the loans with Muslim Business leaders, due to beliefs, they feel that they can only take out the loans and pay back in the first year meaning many will take out a lot less than they actually need to keep trading.
The BID is keen to support all of its Levy Payers and it was becoming clear from businesses owned by Muslims, especially those who missed out on either of the recent grants due to their rotatable value being over the £51,000 threshold, many are looking at the Bounce Back loans as an alternative but feel that they will need to, under the current information, pay it all back within the first 12 months so they do not have to pay the interests of fees which come in after this period.
A Copy of the letter in full
