The Coronavirus Business Interruption Loan Scheme (CBILS)
Apr 08, 2020
The Coronavirus Business Interruption Loan Scheme (CBILS) has been revamped from Monday (6th April). They have reopened the scheme with a promise to approve more loans (not enough have been approved so far).
The criteria are:-
✔️ Turnover < £45m
✔️ UK based business
✔️ Be an ongoing business, if it weren't for the pandemic
✔️ Certify that you have been affected by coronavirus (self certification)
✔️ Open to sole traders and limited companies
You will need to provide the following:-
✔️ UK based business
✔️ Be an ongoing business, if it weren't for the pandemic
✔️ Certify that you have been affected by coronavirus (self certification)
✔️ Open to sole traders and limited companies
You will need to provide the following:-
🔥 Outline what you need (how much and why, plus how long the loan would be for)
🔥 Historic accounts
🔥 Management accounts
🔥 Up to date business plan
🔥 Cash flow forecast
🔥 Assets in the business
Plus:
➡️ Profile the owner and/or management team
➡️ The owner’s investment in the business
➡️ Whether or not security is available
➡️ Other business interest
If you are business less than 2 years old, you could apply for a startup loan instead.
I can help you with providing the information you need for a CBILS application. Book a chat with me to discuss this further.
