Post
by MarkCa » Mon Oct 25, 2021 12:56 am
Hello,
Sorry for writing actual numbers, but I have to explain the situation as it is.
Regarding the Director's loan, I gave loan of 70,000gbp to my company when it had 40,000gbp in bank account. After 2 weeks, company went from 110k in bank account (40k+ my loan) to bellow 20k as we had to make many payments (90k) at that time and that was the reason for my loan. This all happened after I already moved from graduate entrepreneur to entrepreneur, in June 2019.
I then repaid my director's loan over a year and a half later, in February 2021, when company had close to 500k in bank account and made significant profits for a few consecutive months. Since I repaid my director's loan, company continued to make profits every month, and now has more money than it had before I repaid my loan, my loan included.
I just read on this forum that it is better not to repay director's loan before applying to ILR and that got me worried a bit. Should I send extra note explaining all this? I was thinking about sending bank statements from time I gave loan, also showing that soon after I gave it it was fully used (as it was absolutely necessary at that time), and then also sending statement showing that when I repaid it it made absolutely no stress for company's finances. Should I do this and do you think it will be ok?
Also, just to confirm, since I had graduate entrepreneur visa first, the fact that I gave loan when I was on entrepreneur visa does not change the fact that 50k investment is needed to score ILR points and not 200k?
Thank you! This is the most stressful period of my stay in the UK and I sincerely appreciate all help!