With just over 50% of CBILS, and 18% of BBLS, applications being rejected, many SMEs are wondering where they can turn to next?
According to the All-Party Parliamentary Group (APPG), many thousands of businesses are at risk of insolvency, from lack of access to this government supported funding.
The Funding Store have had numerous applications from business owners, who have been rejected for either scheme, and are now unsure of where to turn to next.
The latest statistics make interesting reading, with just over 50% of CBILS applications being rejected and just over 18% of BBLS applications being rejected.
CBILS Statistics as of 12th July 2020
BBLS Statistics as of 12th July 2020
At The Funding Store we have access to both CBILS supported financial products, and non-CBILS alternative financial products, ready to assist those businesses who may be struggling to source business finance through their bank.
With the British Business Bank setting the eligibility criteria for the CBILS, the particular accredited funder still has their own internal underwriting process and qualifying criteria to follow. This means that where one funder rejects your application, another may accept it.
We also still have access to funders ready to offer alternative finance who are not on the accredited scheme, or have pulled away from the accredited scheme. Most of their products have been tailored recently, with the effects of the current COVID19 pandemic on businesses, kept in mind.
This is great for you, and us, as it gives us both alternative options. The benefit of using The Funding Store is that we understand our panels’ lending criteria, allowing us to put together the strongest case possible for your business to obtain the funding that it needs.
So, if you are genuinely concerned about what alternative options are out there, then you have come to the right place, contact The Funding Store today on 01908 880420, we are here to help.