Coronavirus Business Interruption Loan Scheme

 

 

The Government have announced a loan scheme, provided by the British Business Bank through participating providers, which should be available now and you can read more about this scheme here.  This is called the Coronavirus Business Interruption Loan Scheme (CBILS). This will provide many opportunities to borrow and take finance whilst having difficulties with cashflow.

These loans are interest free and fee free for 12 months but not always be available, depending on your circumstances. We are partners with Capitalise, a lending search hub, who can help you source a suitable loan if you own bank will not lend. Typically lenders will prioritise applications that are fully complete and as a minimum would expect to see at least the following;

  • Last 3 years full accounts with detailed P&L

  • Last 12 months business bank statements (Lloyds Bank usually need 6 months personal as well)

  • Up to date management accounts

  • Aged debtor and creditor lists

  • Confirmation of any outstanding debt (provider, term, repayment)

  • Statement of personal assets, liabilities, income and expenditure from all Directors

  • Home addresses of all directors/ shareholders

  • Paragraph on how COVID-19 has affected the business and what the funds will specifically be used for.