Coronavirus Business interruption Loan scheme (CBILS)
This blog post is to summarise the help and support under CBILS, if cashflow is a concern we can help you source funding, complete applications and look at your options.
If you need any help please get in touch firstname.lastname@example.org or 01952 462693
Above all else stay safe!
What is it
This is a government loan scheme that is designed to provide financial support to businesses that have had an adverse effect on cash as a result of COVID-19.
This is a loan so it will have to be paid back.
There are 40 lenders that can provide finance of up to £5million in the form of:
· Term loans
· Invoice finance
· Asset finance
Full details of the scheme can be found here:
Any UK business can apply subject to the following criteria:
· The application must be for business purposes
· Turnover must be below £45m
· 50% of the turnover must be generated from trading activity
· The application is to support trading in the UK
· The maximum borrowing is £5m with terms of up to six years for loans and asset finance and three years for overdrafts and invoice finance
How do I apply
You can either contact your bank or we can make an application on your behalf via our partnership with capitalise.
What do I need to apply?
Depending on the lender you will need to provide:
· The last 4 quarters VAT returns
· The last 3 years accounts
· Management accounts
How long will it take?
Unsecured funding can take 6-8 weeks, secured funding can take up to 12 weeks.
Why am I being asked to take a normal loan first?
Part of the criteria of the scheme is that you can’t get borrowing on normal commercial terms.