Working capital refused code 0644. Spoke to someone and they said its because volume is down so i checked and my volume is 16 more than a year ago, doesn’t seem alot but its around £3k in sales. Just paid £21,000 plus fees off in 13 months despite having 3 months out due to covid. Turnover last year is £80k and expected to be the same again this year. There is no incentive for me to use paypal as a payment system if they won’t offer loans for equipment and materials. I had planned to buy a piece of equipment that would boost turnover to £120k per year and more with all payments directed to paypal. Gonna give it 3 months then i’m off.
Sorry to hear that. We had issues for over 6 months despite pretty significant growth and volume. We have been able to get loans for the last few months but only after I spoke to them to negotiate our fees down given our projected volume this year.
Good luck with the business, it's tough out there at the moment.
