Published: 24/08/2020 By David RutterThroughout the Coronavirus Pandemic we have provided you with regular updates on the various Government initiatives available which we hope you have found useful. Today we provide you with a reminder of the CBILS and BBLS schemes bought to you from our Coropoarte Finance Manager — David Rutter.
You may be familiar with the British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS), and the Bounce Back Loan (BBLS) introduced to help get the UK ‘back in business’. The support is unparalleled and necessary to ensure that many businesses large and small get through these unprecedented times.
The schemes were initially oversubscribed, with only a few banks authorised to facilitate the applications. Many, therefore, were declined or in the case of CBILS simply left hanging while banks requested detailed business plans or waded through the backlogs. In the last few weeks many more general and specific lenders have been accepted by the British Business Bank and their individual underwriting criteria will apply.
So, if you were declined before or never completed an application, now is the time to take a fresh look to see if affordable low-cost funding can be yours, however you will need to act fast as the deadline for applications is 30th September 2020.
To apply for a CBILS loan of £50,001 to £250,000 contact David Rutter on 07565 426138 or email at firstname.lastname@example.org
To follow is some further information if you are considering a loan for your business:
Interest Free for a year with no payments due
The upfront lender fee and first 12 months of interest is paid by the Government, and there are no fees for full early repayment. That means if you change your mind within the first year, you can settle the loan and the lender will not have charged you a penny.
·Rates typically in the range of 1.8%-10% APR
·2 to 5 year terms
·Decision typically in 48 hours
·No personal guarantee required
If you already have a loan through the Bounce Back Loan Scheme (BBL) you can apply for a CBILS loan. However, you can’t have a BBL loan and a CBILS loan at the same time, so you will need to use your CBILS loan to settle any BBL. You can also have more than one CBILS loan, subject to affordability, so if you already have some funding but require more - you can still apply.
Typical Information Required:
·Last 2 years filed accounts
·Last 6-9 months bank statements
·Management Accounts (Inc Profit and Loss, Balance Sheet) if accounts are older than 31.12.2019
All lenders reserve the right to request additional information to support any application.
With the current CBILS facilities only being available until the end of September and BBL being 4th November it may be worth reviewing you current position. At the time of writing we do not know whether the scheme will be extended or replaced.
As mentioned should you wish to take this further please contact David Rutter on 07565 426138 or email email@example.com
Alternatively visit our website for more information on what our Finance department can assist you with https://www.turpinba.co.uk/finance