What is CBILS?
The Coronavirus Business Interruption Loans Scheme (CBILS) was launched on 23rd March 2020, as part of a wider package of government support for UK businesses and employees, to assist UK SMEs that are losing revenue and seeing their cash flow negatively impacted as a result of the COVID19 pandemic.
Funders who applied and became accredited for this initiative were given a government guarantee for the loan repayments to encourage more lending.
(Please note that your business is still 100% liable for the debt)
This initiative allowed UK businesses to borrow up to 25% of their annual turnover, up to a maximum of £5m, over a 6-year term. For the first 12 months the government will make all interest payments and any fees or charges associated with the facility.
For facilities below £250,000 the lender will not ask for any form or personal guarantee of security, though for facilities over £250,000 personal guarantees may be required.
To be eligible, your business must:
When does the CBILS scheme end?
As it stands, the Coronavirus Business Interruption Loans Scheme (CBILS) ends on the 30th September, so you need to have your initial application in by 23:59hrs, 30th September 2020 – giving UK business right up until the end of the deadline to apply.
The lender will then have 30 days to process your application.
What are my options if I have already been rejected for CBILS?
Though the criteria for applying for the Coronavirus Business Interruption Loans Scheme (CBILS) is set by the British Business Bank, your high street bank still have their own internal underwriting process and qualifying criteria to follow.
Luckily, you have come to the right place, at The Funding Store we have a panel of accredited CBILS funders who have different criteria from the high street banks! Who have different qualifying criteria and risk appetite from one-another.
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.
We have a panel of both CBILS accredited funders, and alternative funders who are still lending in the current climate without the government backed guarantee, with varying qualifying criteria.
Contact The Funding Store today on 01908 880420, we are here to help.