Coronavirus Business Interruption Loan Scheme (CBILS)
Updated: Apr 20, 2020
When it comes to the government scheme for business loans there has been some confusion about what is needed to successfully apply. Here we look at the process and criteria to obtain a Coronavirus Business Interruption Loan.
The Criteria. What we know for certain.
So far we know that the criteria as an absolute minimum is:
Be UK-based in its business activity
Have an annual turnover of no more than £45 million
Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
Self-certify that it has been adversely impacted by the coronavirus (COVID-19).
However we also know that it's important you show:
The business was viable prior to coronavirus
The business has been profitable over the last 2 financial years
The business has taken advantage of all other government relief schemes and still requires funding
What to do if you're affected by the pandemic
In the first instance speak directly with your bank. Whilst the process has been slow the best form of funding you can receive is the CBIL
Make use of all other coronavirus interruption scheme's including HMRC tax deferral scheme's.
Look for alternative funding options. It would be prudent to have alternative options lined up should your business be unable to obtain a CBILS loan.
What we are doing at Plexus Finance to help our clients
Helping clients apply for CBILS funds
Working with CBILS accredited lenders
Looking for alternative 'plan B' funding options for our clients alongside the CBILS applications
Looking at other ways of financing our clients businesses. e.g. leveraging or refinancing assets
These are unprecedented times and it's important to stay safe and take all precautions and measures available. Should you wish to discuss any funding requirement do not hesitate to get in touch at firstname.lastname@example.org or 0203 488 4969