CBILS: Skipton Business Finance and the scheme so far

With a number of announcements from the government and the majority of people now finding themselves working from home, there have been some big changes forced on UK businesses over the last couple of weeks.

In response to this, the government announced a new scheme early last week to support businesses that have been affected by the Coronavirus pandemic. The Coronavirus Business Interruption Loan Scheme (CBILS) is a scheme delivered by British Business Bank which aims to support business propositions which, if not for the current pandemic, would be deemed viable by the lender. The scheme offers an 80% government-backed guarantee and can offer businesses facilities of up to £5m. 

As an accredited lender of the scheme, Skipton Business Finance is offering eligible businesses the government-backed loan alongside an Invoice Finance facility. Eligible businesses can access this loan alongside a range of Invoice Finance solutions such as Invoice Factoring or Invoice Discounting, of which businesses can gain access to unpaid invoices straight away. 

The demand for the scheme has been very high in its first week of being introduced and many businesses may have had a frustrating experience when looking into the scheme. As with many lenders of the scheme, Skipton Business Finance received an unprecedented number of enquiries regarding the scheme. Since the scheme was announced on Monday 23rd March, the team at Skipton Business Finance has seen a recording-breaking number of enquiries totalling a 450% increase in overall enquires. This also resulted in a 2000% increase in traffic to our website, with many businesses looking to find out more about CBILS and Invoice Finance. 

Our dedicated team has been working hard to make sure that every enquiry is being answered and dealt with effectively. Regular communications are being sent out to all businesses that enquire with us in order to keep everyone informed during such uncertain times. 

We are working hard to make sure that all enquiries are dealt with as quickly as possible and appreciate the ongoing patience from anyone that has enquired with us. 

Find out more information here about CBILS with Skipton Business Finance.