Coronavirus Business Interruption Loan Update

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.


Coronavirus Business Interruption Loan Scheme (CBILS)

UK Government

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.


British Business Bank

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!

ABN AMRO Arkle Finance Limited Art Business Loans Bank of Ireland Bank of Scotland Barclays BCRS BFS Business Enterprise Fund Calverton Finance Clydesdale Bank | Yorkshire Bank Chamber Acorn Compass Business Finance County Finance CWRT Danske Bank DSL Business Finance Enterprise Answers Enterprise Loans Santander Finance for Enterprise Haydock Finance Genesis Asset Finance Hitachi Capital HSBC Lets Do Business Lloyds Bank Merseyside Special Investment Fund Metro Bank Newable RBS Robert Owen Skipton Business Finance Starling Bank Secure Trust Bank SWIG Finance TSB UKSE Ulster Bank

What's your next step?

Get your paperwork prepared and in order

You will need

  • Latest ‘Full Set‘ of filed accounts
  • Latest set of management accounts (if available)
  • Last 12 months business bank statements
  • Last 12 months (4 quarters) of VAT returns
  • A ‘Screen Grab‘ from HMRC showing VAT & PAYE are both up to date
  • Detail what ‘Critical Payments‘ you will be paying with the loan, including:
    • Suppliers
    • Rent
    • Non-furloughed staff wages
    • Utilities
    • Financial Commitments

    FREE Cash Flow Projection Excel Template

    Online Bank Statements Downloading Guide

Apply in two ways

Via your existing bank

Bank of Ireland Bank of Scotland Barclays Clydesdale Bank | Yorkshire Bank Santander HSBC Lloyds Bank Metro Bank RBS TSB Ulster Bank Starling Bank

Note:

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.

Via other lenders

Business Loan

Let QED Finance guide you though applying for a non bank CBILS business loan

Apply here CBILS Business Loan

CBILS Term Loan + Invoice Finance

Allow QED Finance to guide you though getting a Term Loan + Invoice Finance

more about CBILS Term LoanInvoice Finance

CBILS Cashflow Template

Download free here