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The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to small to medium sized Enterprises (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted as a result of the COVID-19 outbreak.
CBILS has been significantly expanded along with changes to its features and eligibility criteria. These changes mean that even more businesses across the UK impacted by COVID-19 can access much needed funding.
This scheme gives the lender a government-backed guarantee for the loan repayments. However, if you borrow money, you remain fully liable for the debt.
To be eligible, your business must:
You will need to provide certain documentation when you apply. Documentation will vary from lender to lender, but is likely to include management accounts, a business plan, historic accounts and details of assets.
You might find it useful to watch the video below, part of our 'Funding and Fintech' series where we hear from one of the accredited lenders providing CBILS.
A full list of lenders, criteria and information on how to apply is on the British Business Bank's website.
During this series we will speak with lenders, investors and Fintech who are disrupting traditional banking with new and alternative sources of funding or technology with the aim of helping businesses become more flexible and efficient.
In this episode MarketFinance share with us details of their Loan and Revolving Credit options.
Martin Garrow, Sales Director, TradeRiver, providing supply chain finance, explains why paying your suppliers early can both help build key relationships and also potentially help your cashflow.
