Did you know that you can have more than one CBILS Business Loan.
The British Business Bank set the eligibility criteria for CBILS, then each lender has their own qualifying criteria and underwriting process to follow, taking in to account the viability of your business prior to the COVID19 pandemic.
The maximum value of a facility provided under the scheme is £5m, available on repayment terms of up to six years.
Some banks are limiting the amount that your business can apply for, that being either 2 x annual wage bill or 25% of annual turnover.
This is where The Funding Store could help, we have CBILS accredited funders who may offer you further funding under the same scheme.
So, in the example, (which we appreciate is an example in its simplest form) the bank may not have gone to the full maximum 25%, only 10%, so the alternative CBILS funder has topped this up by 15%, taking you to the 25% standard limit.
In short, yes, there are other CBILS accredited funders who may have different qualifying criteria and underwriting process, allowing you to raise further funds on the same scheme.
The Funding Store have a panel of CBILS accredited lenders that can assist with your search for that right business finance.
We are able to source a flexible CBILS overdraft facility up to the value of £5million, with fees and interest payments covered by the Government for the first 12 months.
On top of that, you only drawdown on the funds you need, as and when you need them. Interest is only payable on the amount outstanding and there are no early repayment charges of hidden fees.
Please note that your business will be liable for 100% of the debt. When taking out funding through the BBLS or CBILS, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a guarantee to the lender, not to the business.