Coronavirus Business Interruption Loan Scheme (CBILS)
Further information has been released by the British Business Bank regarding the funding options that will become available from Monday the 23rd March.
Key Information: Coronavirus Business Interruption Loan Scheme (CBILS)
- Not all banks/funders are participating in the scheme. The current known partners are listed here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/
- Applications are likely to be in a standard format, with a far quicker decision process.
- A number of funding options are available. Dependant on the lender there will be term loans, invoice finance, overdrafts or asset finance.
- If your application is seen to be a ‘sound’ proposition with sufficient security, the government will not offer this scheme, but the bank will lend on standard terms.
- If your application is ‘sound’ but without sufficient security, this is where the government will step in.
- Your business is still liable for 100% of the debt.
- The government have stated that they are not going to release any more information regarding the application process until Monday. What we do know, is that it’s likely to be a standard application. With that in mind, if you require funding you may wish to start gathering information such as
- Last 6 months bank statements for the business and directors
- Last 2 years accounts
- Recent management accounts
- Asset & Liability statements for directors
- Details of current debt in the business
- Forecasts if available
- Clearly there is going to be huge demand, so having the info above may speed things up.
- Consider which funding option and institution is right for your business.
PLEASE CONTACT US ON 0114 266 4432 TO REGISTER YOUR INTEREST FOR THE APPLICATION PROCESS.