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Business, Property and Equipment Finance
The latest information on the government business loan schemes?
As a business owner, I am sure you are now aware of the help available to you from the government in the form of both the Bounce back loan (BBL) and the Coronavirus Business interruption loan scheme (CBILS).
But are you aware of the full extent of funding available under these schemes?
We would not want you to miss out on vital support or miss out on the appropriate level of funding where you are eligible to do so.
Did you know;
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If your CBILS application has already been declined, you can apply again with a different Lender.
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The Government pays all the interest and fees for the first 12 months, plus some lenders also allow you to make no capital repayments at all for the first 12 months.
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Each lender has its own criteria, so it is worthwhile shopping around.
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Your business cannot have both a BBL and a CBILS loan. You can however use a CBILS loan to refinance an existing BBL loan and borrow additional funds.
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Your business can have more than one CBILS loan with either the same lender or different lenders.
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You can use a CBILS loan to redeem an existing loan, saving you interest, extending the term and therefore reducing your monthly payments or in some cases helping your cashflow by having nothing to pay for 12 months.
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Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.
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For facilities above £250,000, personal guarantees may still be required, at a lender’s discretion, but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied. A principal private residence cannot be taken as security to support a personal guarantee or as security for a CBILS-backed facility
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Individual firms operating within a larger group could each access their own CBILS finance, providing that the combined turn over remains less than £45m.
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There are over 90 accredited lenders (as at the end of June 2020) providing Business loans, asset finance, invoice finance and revolving credit facilities.
The impact of Covid 19 means that business owners need more financial support than ever to survive and rebuild. CBILS could be a key part of the solution that could help set you up for the next couple of years.
Whilst these loans are still available, it is worthwhile exploring this option. The Government has now extended these loans until January 31st 2021 but it is best to get your application in as soon as possible.
Not every accredited lender can provide every type of finance and each lender has their own criteria. A complete list of accredited lenders can be found here or give us a call and we can find the right lender for you.
If you do not meet the criteria for the CBIL scheme, there are other funding options available that we can explore for you. lenders are still offering finance on normal commercial terms without the need to make use of the scheme.
Further information and a list of FAQs can be found here.
Updated on the 5th November 2020
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