A new temporary Coronavirus Business Interruption Loan Scheme (CBILS), delivered by the British Business Bank, is now available to support small and medium sized businesses to access funds.
Helping you during a national crisis
We want to be 100% clear; you are able to access CBILS funds by approaching lenders directly and we want to give you the support and tools to be able to do this through our website, much of this information is here.
However, if your business has been hit by lack of resource in your finance department, or if you are not confident in making the approach to your lender, or you simply need to outsource the process, we can help with your CBILS application.
If you are looking to borrow anything from £150k up to £25m, we now offer a professional support service to secure your Coronavirus Business Interruption Loan. To help the SME community, we’re offering the service for as low as 1% of funds raised, a 66% discount on our normal fees. Our advice is independent and honest.
What does our CBILS Support Service provide?
Our CBILS Support Service provides the following:
- Right first time. We have been working with the major lenders to understand exactly what information they need to process your application. We can help you provide all the information your lender needs, in the format that they need so that your application can be processed quickly.
- Maximise support. We can make sure your plan maximises the support offered by the government. We have a working knowledge of the Coronavirus Job Retention Scheme, VAT deferrals, Time to Pay arrangements, rates relief and other initiatives.
- Robust forecasts. Whilst your forecasts will always be your own, we can advise you on the revenue deferrals and cost mitigations that lenders consider reasonable and acceptable when presenting your projected cashflows as part of a robust financial model.
- Repayment plans. We can help you set out a business plan that will be acceptable to the lender to meet the repayments. In the current environment what is a sensible plan that your lender will accept? We can help.
- Negotiate security. Loans over £250,000 backed by the CBILS will require security. We can help you negotiate the structure of this security with your lender and its interaction with existing facility providers to make sure that your exposure is minimised as far as is practicable particularly in relation to Personal Guarantees.
- Resource allocation. You may have more pressing things you need to deal with in your business that you cannot outsource. We can manage much of the CBILS process for you.
- Coaching and support. You will not have been through this process before. We will be helping many businesses in the coming weeks and we can share our experience to support and coach you through to receiving your CBILS funding.
Important things to consider
- You are welcome to apply to your lender or any other approved lender as identified by the British Business Bank with no need to incur a fee. Our service is optional.
- Demand is expected to be high so applications without well-considered proposals and robust supporting information will take longer to process, our aim is to ensure you are fully prepared before approaching lenders.
- CBILS funding requires that you can evidence were it not for the COVID-19 pandemic, would be considered viable by the lender. A clear case with supporting analysis will be needed to be set out to lenders in order to be successful.
How much does the CBILS Support Service cost?
Our fees are set out in our CBILS FAQs page. We are offering substantial discounts to our normal fees to support the SME community during this crisis.
What should do I do next?
If you would like us to help your business access funds under the Coronavirus Business Interruption Loan Scheme (CBILS), please click the button below .
A member of our team will endeavour to discuss your CBILS application within 48 hours of submission. However, due to the high demand of this service, we may take slightly longer to come back to you.
Other useful information
Join our mailing list for emergency funding updates
If your business has been affected by Coronavirus and you would like to receive regular updates about emergency funding options available for SMEs – including the Coronavirus Business Interruption Loan Scheme (CBILS) – please join our mailing list by completing the form below.