Have you felt panicked into a Bounce Back Loan (BBL) when you really needed more funding, or has your Coronavirus Business Interruption Loan (CBIL) application been restricted or declined by your bank?
B2B Cashflow Solutions is accredited to provide government-backed Unsecured Loans from £50,001 to £500,000 through a platform of independently accredited lenders.
- Thousands of businesses have opted for the 'quick turnaround' Bounce Back Loan of up to for £50,000 through their bank to attain much needed working capital urgently, when they really needed a larger amount.
- Did you know that you can apply for a CBILS (Coronavirus Business Interruption Loan Scheme) for up to 25% of your previous year's turnover, to generate the additional cash your business requires providing the Bounce Back Loan is paid back?
- Have you already had a CBILS loan, but did not realise that you can have more than one – up to 25% of your previous year's turnover?
If you fall into any of these categories and would like to reassess your funding options then please read on...
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Key Features of the CBILS Loan
- Standard loan amounts range from £50,001 and £500,000 (different limits determined by each lender)
- Terms 2 to 5 years (inclusive of first-year repayment holiday)
- Maximum fixed rate of interest payable by the borrower is 8.9% APR
- No capital or interest repayments for 12 months - 1st year interest paid by the government
- 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 that's been adversely affected by coronavirus
- Turnover of up to £45 million
- Minimum 3 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
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.