As a business owner, you may be feeling worried and confused about the future of your business. The Coronavirus Business Interruption Loan Scheme (CBILS), announced by the government last week has understandably attracted a lot of interest from UK SMEs, whose business is being negatively affected by the ongoing pandemic. You can find more information about the scheme and how it works in our previous post but below are some frequently asked questions regarding the scheme which you may find helpful.
Is any business eligible for the loan?
Unfortunately, not every business will be able to access this scheme. With Skipton Business Finance, the scheme is only available to B2B businesses with a turnover of no more than £45m. It is specifically designed to support businesses which, were it not for the current pandemic, would be seen as viable by Skipton Business Finance. This being said, it is important to note that there are various alternative forms of financial support being made available by the government.
You can find out more about the other financial support options available here.
What forms of finance does the CBIL scheme support?
The scheme supports various forms of finance including term loans, overdrafts, Invoice Finance and asset finance but is only available from Skipton Business Finance alongside an Invoice Finance facility, such as an Invoice Factoring or Invoice Discounting facility.
Is the CBIL scheme available as a stand-alone loan?
The scheme is only accessible from Skipton Business Finance alongside an Invoice Finance facility and is therefore not available as a stand-alone loan.
Where else can I access the scheme?
There are over 40 accredited lenders of the scheme, all of which are listed on the British Business Bank website. If you are not able to access the scheme with us, we recommend enquiring with an alternative lender.
Can I apply for the scheme today?
You can enquire about CBILS today using our online enquiry form. Upon sending your enquiry, a member of our team will be in contact within 24 hours. It is important to note that we cannot help every business that enquires with us however we are happy to suggest alternative forms of support available by the government. Under the current circumstances, we are receiving an unprecedented number of enquiries and so appreciate your ongoing patience throughout.
Keep a look out for regular updates regarding CBILS and financial support regarding Coronavirus on our Coronavirus Business Support Hub.