If your application to the Coronavirus Business Interruption Loan Scheme (CBILS) has been rejected by your bank, our Rejected CBILS Support Service can help you apply to other funders or in some cases approach your bank again with a more compelling case.
Helping you during a national crisis
Many businesses applying to CBILS lack the technical knowledge of how to present their financial information to lenders. Lenders are telling us that “businesses with good credit are being badly presented.”
We understand that some business owners may be rushing their applications and are missing out critical information which falls foul of your lender’s eligibility criteria.
With only a tiny proportion of CBILS applications currently approved, getting your application right first time is your fastest way to much needed cash. If your CBILS application has been rejected, our team of banking experts can reapply on your behalf to alternative lenders or in some cases better present your business to your lender.
What does our Rejected CBILS Support Service provide?
If your CBILS application has been rejected and you wish to appeal or approach other lenders, 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
- Applying for CBILS isn’t as straight forward as you might think. Time and care must be put into applications and these need to be right first time to be successful with stretched lenders.
- New lenders are being approved under CBILS by the British Business Bank and a competitive market is emerging. These new lenders may have a greater appetite to support your business than the bank.
- 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.
How much does the Rejected 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 to reapply to 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.