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. The scheme is a part of a wider package of government support for UK businesses and employees.
The number of active businesses in the United Kingdom is over 5,000,000 all of these are eligible to apply for a Coronavirus Business Interruption Loan (CBIL).
Every approved lender able to supply a CBIL facility will be under huge pressure to review applications quickly. They all have different supporting document requirements and will certainly prioritise those companies that provide the most complete information.
We believe it is best practice to cover off all supporting information requirements, before making an application. We are here to help you, so if you are struggling to provide something then tell your appointed QED account manager.
The UK Government provides a guarantee through the British Business Bank to approved funders.
The Guarantee covers 80% of advanced facility under the scheme. Importantly this guarantee is to the lender not you the borrower.
The CBILS Scheme allows a lender to make claims under the guarantee of up to 60% of total loans in any one year. Importantly this is quadruple the 15% it used to be under the Enterprise Finance Guarantee scheme it replaced.
This means the approved funders approve more of you - Good news!
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We would also suggest that you open a new business account with Starling Bank (the only bank in the UK accepting new business accounts!) Click the above logo for Starling Bank or navigate to the Business Banking for Limited Companies page, or the Business Banking for Sole Traders, and apply.
Once you have the new bank account you will then be able to apply for a CBILS loan through them as well.
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