Are you looking to apply for the CBILS?
CBILS is the Coronavirus Business Interruption Loan Scheme. It is a government backed initiative that is designed specifically for UK businesses during the current COVID19 pandemic.
It allows UK businesses to apply for finance of up to £5million with the government guaranteeing 80% of the funding to the lender.
To make the loans more affordable, the government will cover the interest for the first 12 months of the loan with no capital payments either. If you want to settle the loan early, you will pay no early repayment charges.
The Funding Store have a panel of CBILS accredited lenders that can assist with your search for that right business loan. Once you have decided what best suits your business needs then why not contact us on 01908 880420 or apply below.
Do I need to provide a personal guarantee?
Under the CBILS, you will not need to offer a personal guarantee of any form for facilities below £250,000.
For facilities above £250,000, personal guarantees may still be required, at the lender’s discretion, but they will exclude the Principal Private Residence (PPR), and recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied.
I have been rejected by a lender for a CBILS already, can I reapply?
Yes, if one lender turns you down, you can still approach other lenders within the scheme.