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How to access the CBILS scheme

The Coronavirus Business Interruption Loan Scheme (CBILS), launched on 23 March 2020, provides facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. 

Last updated: 27 March 2020

CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Click here to see the eligibility criteria as outlined by the Treasury and British Business Bank.

While it seems that many businesses are eligible, based on our conversations with lenders, it may be difficult for the masses to access the funding. The primary reason for this, is due to this government statement   “If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.” This means that while you may eligible, if you can gain access to normal funding then this will be offered rather than CBILS. Therefore, the story presented to the lenders needs be clear and concise.

In addition, the lenders are inundated with CBILS applications and are struggling under the sheer volume. Having a properly prepared application with all required information will likely put your application into the ‘fast’ lane as it’s easy for them to process. If you’ve not applied for funding before, this process will be new to you and you may not have an idea of what information you need to collate in order to present the bank with an appropriate application. If you’ve applied for funding before, bear in mind that with the current climate, applying for CBILS will be different to what you’ve experienced before and you should tailor your application to take this into account.

We have been speaking regularly with lenders who are authorised under the scheme, as well as those who are not, and are therefore fully abreast of what information they require and how to complete an application that maximises the probability of success.

Click here for information on how we can help you with your CBILS application.

About the author

PJ Walters

+44 (0) 20 7710 0367
waltersp@buzzacott.co.uk
LinkedIn

Last updated: 27 March 2020

CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Click here to see the eligibility criteria as outlined by the Treasury and British Business Bank.

While it seems that many businesses are eligible, based on our conversations with lenders, it may be difficult for the masses to access the funding. The primary reason for this, is due to this government statement   “If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.” This means that while you may eligible, if you can gain access to normal funding then this will be offered rather than CBILS. Therefore, the story presented to the lenders needs be clear and concise.

In addition, the lenders are inundated with CBILS applications and are struggling under the sheer volume. Having a properly prepared application with all required information will likely put your application into the ‘fast’ lane as it’s easy for them to process. If you’ve not applied for funding before, this process will be new to you and you may not have an idea of what information you need to collate in order to present the bank with an appropriate application. If you’ve applied for funding before, bear in mind that with the current climate, applying for CBILS will be different to what you’ve experienced before and you should tailor your application to take this into account.

We have been speaking regularly with lenders who are authorised under the scheme, as well as those who are not, and are therefore fully abreast of what information they require and how to complete an application that maximises the probability of success.

Click here for information on how we can help you with your CBILS application.

Speak to an expert
Speak to an expert

If you are looking for a loan of £500k +, get in touch with PJ or Alex below to discuss your eligibility for CBILS or click here for more information on our eight step process to help you to succeed in your loan application.

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