Coronavirus Business Interruption Loan Scheme

cbm support service to help businesses gain access to CBILS

CBILS

CBILS is a government backed loan scheme, launched to help Small and Medium Enterprises (SMEs) during the interruption caused by the COVID-19 pandemic. The scheme effectively gives access to a 12-month interest free loan of up to £5m for businesses with turnover of up to £45m, and up to £25m for turnovers of £45m to £500m. Capital holidays are being offered by a number of lenders and repayment terms of up to 6 years can be agreed.

 

The government will guarantee 80% of the loan to the lender, but the borrower remains liable for 100% of the debt. For loans up to £250k the lender can not ask the business owners or directors for personal guarantees.

 

You could be eligible for CBILS if, as a consequence of COVID-19, your business needs finance to support investment, increase working capital, fund business growth or acquisitions, or to refinance existing borrowing. If you applied for CBILS before the recent government amends, made on the 3rd of April 2020, then your application could be reassessed. 

 

CBILS can be secured if your business:

 

  • Needs cash flow to cover wages for furloughed staff until HMRC funds arrive 
  • Needs equipment to enable staff to work from home 
  • Turnover is down or payments disrupted through Covid-19 compliance measures 

 

Why work with cbm to apply for CBILS

 

Although the government is affording lenders with an 80% security, all other lending criteria will apply, and you will need a convincing proposal to give your business the best chance of accessing the funding needed. That’s where our CBILS service comes in, at cbm we are set up to get you through the banks’ application process. In these unprecedented times, demand for emergency financial support in the form of CBILs is high. Working with cbm, to create a considered application, including a strong business plan and financials, will increase your chances of making a successful application. We will help you provide everything needed for a CBILS application, without wasting valuable time and resources within your business.

 

Increase your chances of securing CBILS with cbm. Our service includes:

 

  • Assessment of your business’s suitability for CBILS and any necessary strategy development to give your application the best chance of success
  • Tailored business plan to detail your case and form the basis of your application
    • This document will cover all qualifying criteria and show how you meet them
    • Formal business plan format which funders expect to see
  • Video conferencing to get the necessary information about your circumstances and business
  • Up to three further video conference calls to assist with any issues concerning your application

 

How our CBILS service works

 

At cbm we provide bespoke, tailor made services, adapting the process to suit each individual business's needs. Your first video conference will be used to determine your business's current circumstances, develop your CBILS strategy and collect necessary information. If this is all completed during your first video call then your consultant will commence writing your plan, if not you may want to use one of your further 3 calls to continue discussing these areas. Once the plan is completed, you could choose to use one of your video calls to go through the plan with your consultant, or you may decide to go through it by yourself and then have a video call to discuss it further. You could choose to use one of your video calls for additioanl support once you have submitted your plan to the lender or you may prefer to use them all during the plan writing process. How you use these video calls is up to you, your business and your individual needs. However you choose to work with us, the outcome will be a formal business plan, in the format funders expect to see, covering all CBILS qualifying criteria and how your business meets them.

 

Get in touch to find out more about how cbm can support your business through this unprecedented interruption. To speak with one of our expert consultants please call us on 01604 420 420 or complete the form on the right.

Related Blog Posts

Make CBILS happen

CBILS (Coronavirus Business Interruption Loan Scheme), was initially introduced to be a lifeline for businesses where there was insufficient security for a loan by other means. The Government announced the scheme advising that they would then step in to give the lender an 80% guarantee.  All well and good in theory, but this was widely reported to have resulted in lenders offering high interest facilities with requests for personal guarantees from SME directors and the fact that such facilities were offered rendered the SME unsuitable for CBILS.

Struggling businesses and SMEs being denied access to CBILs: cbm’s response

Banks have been under fire in recent days, with SMEs reporting that they have been denied access to Coronavirus Business Interruption Loans (CBILs). This scheme was introduced with the aim of ensuring that UK companies can access necessary money as the UK lockdown slows the economy. However, many small businesses have reported they cannot access CBILs, and instead face long delays, high interest rates, personal guarantees, being offered regular finance products by banks, such as overdrafts and standard business loans.