How to apply for the Coronavirus Business Interruption Scheme?
Throughout 2020 and continuing into 2021 many small businesses have been affected by coronavirus. With forced closures, national lockdowns and people spending less, many businesses have seen their income decline over recent months. To offer a level of support, the government announced the Coronavirus Business Interruption Loan Scheme, to help support those businesses that have been affected by this. They also recently announced that the date for applying had been extended until the end of March 2021, to allow more businesses to apply.
Who is Eligible?
In order to apply for a loan from £50,000 – £5,000,000 your business must:
– Be based in the UK
– Have an annual turnover of between £200k and £45million
– Be able to show your business would be successful if it wasn’t for the pandemic
– Not be in certain sectors (banks insurers, public-sector bodies and state-funded schools)
How To Apply For The Coronavirus Business Interruption Loan Scheme
If you wish to apply for a CBILS loan, first you’ll need to decide which route you wish to go down:
- Up to 3 years invoice finance facilities
- Up to 6 years, for loans and asset finance facilities
To start the application process we will need to reach out to one of the 117 lenders that are taking part in the scheme.
The first questions they’ll ask you are how much you would like to borrow, what you intend to use the money for and how long you would like to repay it back.
You’ll then need to show proof that you’ll be able to afford to repay the loan back. This could be via Year End accounts, cash flow forecast, or a copy of your business plan.
The documents needed will depend on the lender and something that they’ll go through with you as part of the process. They’re also responsible for checking the loan is suitable for a business purpose, affordable and right for your current circumstances.
Is A Coronavirus Business Interruption Loan The Right Thing For My Business?
Each business is different and has been affected differently, so the matter of it being the right thing for your business is a personal decision.
If you’d like some advice on whether a loan is the right thing for you or what other type of financial support is available, get in touch with All Star Funding.
We can even talk you through what support is available if you have previously had funding through something such as a Bounce Back Loan.
Applying With All Star Funding
We have been working hard throughout the pandemic to ensure that businesses are able to access any funding and help that they’re entitled to. We’d love to help you get access to a Coronavirus Business Interruption Scheme Loan. We’ll need from you
– Bank Statements from 1st November 2019 to present
– A copy of your Year End Accounts
– A completed application form
Get in touch
Please click below or call 0161 8211478 to speak with one of our specialists.
Finally as members of the Financial Intermediary and Broker Association you can be assured of a great service.
Additionally some of our specialist areas of Finance are:
Asset Based Lending • Asset Finance • Business Loans • Cashflow Finance • Factoring • Invoice Discounting • Single Invoice Finance • Trade Finance • Stock Finance • Credit Insurance