Following our original advisory note published on 23rd March 2020 the Coronavirus Business Interruption Loan Scheme (CBILS) is available through participating lenders.

There has been a lot of activity and communication between Government, Banks and Advisers to seek to flush out a greater understanding of how clients might prepare to make a formal application that is capable of being fast-tracked through the banking process.

We set out below some advice and tips as to how you might approach making your application over the coming weeks. Please note that the requirements set out below are in line with Government expectations of the Banks at this time – whilst you may find the information required to be extensive and exhausting to compile the Banks are under direction from Government to gather all information as set out to enable them to progress the application a to seek Government security.

Please note a very important point: your business loan application and supporting information will need to demonstrate the serviceability of the new loan facilities you intend applying for; this is a key requirement for the Banks to be able to prove if you are to successfully enter the Scheme – your application should ideally incorporate a long term forecast to prove loan serviceability on return to “normalised” trading, whenever that may be…

Should you require our help and support in making a formal application, then please in the first instance e-mail jasonm@barrons-bds.com who is co-ordinating applications and advice in conjunction with the Practice Partners.

 

 

  1. Recap – What is the Coronavirus Business Interruption Loan Scheme (“CBIL”)?

 

  1. Am I Eligible?

 

  1. Personal Guarantees – What Is The Position

 

  1. How Can I Access The Scheme?

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/ ;

 

  1. What Should I Consider Before I Prepare My Application?

 

  1. I Want To Prepare My Application Now – What Do I Need To Consider?