The window for new CBILS applications is due to close at the end of September, but the government is yet to announce if it will be extended.
Many businesses have yet to apply for CBILS, and many which have already applied through their bank relationship have had funding declined, restricted, or have settled for the smaller 'Bounce Back Loan' (BBL) of up to £50,000.
B2B Cashflow Solutions is accredited to provide Government-backed Unsecured Loans from £50,001 to £5 million through a platform of independently accredited lenders.
- If the government-backed financial support you have been able to secure is less than you need, the good news is that you can apply for more than one CBILS loan.
- ...AND you could replace a BBL with a larger CBILS loan of up to £250,000 unsecured (and beyond subject to security at the discretion of the lender).
- Have you already had a CBILS loan, but did not realise that you can have more than one?
- Have you got a current BBL of up to £50,000 but need more working capital?
If you would like to reassess your funding options then please read on...
Call 01508 494 345 or email us
Key Features of the CBILS Loan
- Borrow between £50,001 and £250,000 unsecured
- Loan amounts above £250,000 may require personal guarantees or additional security (but not your main residential home)
- Terms 2 to 5 years (inclusive of first-year repayment holiday)
- Typical rates between 1.4% - 8.9% APR (fixed)
- No interest repayments for 12 months - 1st year interest paid by the government
- No capital repayments for up to 12 months (lender dependent)
- Decision typically in 24 - 48 hours
- No Personal Guarantees if borrowing up to £250,000
- Loan 80% guaranteed by the government *
- No future interest penalties for early settlement
- Lender and Broker fees paid by the government at no cost to the borrower.
Are you Eligible for a CBILS loan?
- UK-based business with a viable trading performance prior to COVID-19
- Business has been adversely affected by coronavirus
- Turnover of up to £45 million
- Minimum 2 years of trading history
- Over 50% of turnover from trading activity (e.g. not from investments)
- Loan is for business purposes
- Loan is primarily for trading in the UK
* Please note:
When taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.
The CBILS loan is not available for borrowing of less than £50,000, but you may be able to benefit from the 100% Government-backed 'Bounce Back Loan Scheme' (BBLS). This scheme is a simple online application exclusively provided through your bank.