The British Business Bank is accrediting new lenders regularly
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
As commercial finance brokers we can help you apply for CBILS from one of the lenders.
When applying for one of the government loans you need to include statement that includes the impact that Coronavirus has had on the business. This could include things like:
We have a template for this if anyone would like to utilise it please click here to view it.
The financial landscape has changed an awful lot since the announcement of the Coronavirus Business Interruption Loan scheme was made by Rishi Sunak on 23rd March 2020.
With changes of terms, personal guarantee cut off points, lenders exiting and new ones coming into the market.
Because under CBILS there are a number of additional products such as Overdrafts, Invoice Finance and Asset Finance that may be more beneficial to the business than a standard loan. We suggest that all businesses approach their business banks initially to explore funding options before looking to access CBILS or BBLs funding elsewhere. But we are always happy to have a quick chat and provide our thoughts on the best way forward.
For businesses that are not eligible for CBILS there are still ways for them to access commercial finance. We are best placed to put together a package to suit your business.
We are closely monitoring the situation and the financial landscape as well as keeping in contact with lenders, the British Business Bank and the CBI to stay on top of lending criteria, products, rates and availability.
By working with us this leaves you, the business owner and your accountant, time to focus on your business and all the other issues you are facing whilst we focus on getting you the cash your business needs.
Businesses must :
For businesses that are not eligible for CBILS there are still many options available for them to get access to commercial finance.
We urge businesses owners and their advisors to speak to an NACFB and FCA authorised broker before making any decisions because now is not the time to rely on poor advice.
Fill out the form below, and one of our experts will call you back to discuss the right finance options for your business.