The impact of Covid19 has affected the cashflow of many UK businesses. The Coronavirus Business Interruption Loan Scheme (CBILS) is available to support small and medium sized businesses access funds. If you need help to access emergency funding, our CBILS Support Service can help.
Helping small businesses during a national crisis
We want to be 100% clear; you can access CBILS funds by approaching your lender directly. Our website provides links to support tools here. However, if you need to get your CBILS application processed efficiently, or if it has been rejected by your lender, our CBILS Support Service is there to help.
What does our CBILS Support Service provide?
Our CBILS Support Service is available if your business has been hit by lack of resource in your finance department, you are not confident in making an approach to your lender, or your application has been rejected and you wish to appeal or approach other lenders.
If you need help with your CBILS application, here’s some of the support our CBILS experts can offer:
- Maximise support. As required by lenders, 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. 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 demonstrates affordability to the lender and gives you peace of mind.
- Negotiate security. For loans over £250k, we can help you negotiate the structure of 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. We can manage much of the CBILS application process for you allowing you to focus on running your business.
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. However, many have found the process less than straight forward. We are here to help.
- To be eligible for CBILS, your business must have a turnover of less than £45m. Our service supports businesses that are looking to borrow anything from £150k up to £5m. If your business has a turnover greater than £45m see our CLBILS Support Service for larger businesses.
- Demand for CBILS loans has been 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 – that your business would be considered viable by the lender. A clear case with supporting analysis needs to be presented to lenders to be successful.
- Your current lender may not be able to offer you a CBILS loan and you need to be prepared to consider alternative lenders.
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 I do next?
If you would like Shaw & Co to help your business access funds under the Coronavirus Business Interruption Loan Scheme (CBILS), please click the button below to complete a small survey.
A member of our team will endeavour to discuss your requirements within 48 hours of submission.