CBILS & alternative funding

Whether sales are stalling, or customers are delaying payment, many businesses are being impacted by COVID-19, and the biggest knock-on effect of this is cashflow.

What is CBILS?

CBILS is a new scheme that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. The scheme supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

CBILS provides the lender with a Government-backed guarantee which potentially enables a ‘no’ credit decision from a lender to become a ‘yes’. The Government will make a Business Interruption Payment to cover the first twelve months of interest payments and any lender-levied charges.

How we can help

We can work with you to assess if you are eligible for the scheme and if necessary, we are happy to speak to your business bank manager free of charge to get an indication of the likelihood of obtaining bank CBILS funding.

Depending on likelihood, and for a fixed fee, we can then support your application by helping you to swiftly pull together the financial information required for the application, as well as dealing with the bank throughout the whole process.

A unique, two-pronged approach

Because of the longer timescales involved with approval for bank funding, we can work to ensure that we are looking simultaneously at CBILS application and alternative funding solutions to ensure that we can structure the right deal for you in the right timeframe for your business needs. We understand the potential risk of waiting for a month for approval of CBILS loan, without having alternative options already lined up and ready to go.

There are many other lenders outside of high street banks who can give you varying levels of support across a range of products, including secured loans, cashflow loans, MCA (Merchant Cash Advance), asset finance, invoice finance and revolving credit facilities. Our independent, whole-of-market status gives us access to all of those to find the right product for your particular situation.

What do I do now?

Get in touch! We are here to help and a 5-minute call to review your finance options could alleviate some pressure and allow you to focus on leading in your business.

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