Are you looking to apply for the Coronavirus Business Interruption Loan Scheme?
The Coronavirus Business Interruption Loan Scheme (CBILS) is a government scheme designed to support UK businesses, who have a borrowing need, which lenders would consider as viable businesses, were it not for the COVID19 pandemic.
To be eligible for the Coronavirus Business Interruption Loan Scheme, you will need to demonstrate that your business was not a business in difficulty as of 31st December 2019.
If the uncertainty of the COVID19 pandemic will affect your businesses performance over the short to medium term, then the lender will use its normal commercial lending criteria to assess whether you have a viable business proposition, excluding the short to medium term impact of COVID19.
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.