Funding Solutions – Approved Broker for Government Backed CBILS

 

 

Funding Circle have been approved to offer the government backed CBILS. At Funding Solutions we are an approved broker so we can help you tailor your application to get the best chance of success. Get in touch on 0845 251 4040

The Coronavirus Business Interruption Loan Scheme (or CBILS) is a government initiative for small businesses across the UK who have been affected by coronavirus. Through this scheme, UK SMEs will be able to access finance to help with cash flow during this period.

The scheme provides lenders with a government-backed guarantee. This guarantee potentially enables lenders to lend to businesses that might not have previously been eligible for a loan, due to the effect coronavirus has had on their business.

CBILS will also cover the first 12 months of interest payments and fees. This means that smaller businesses can benefit without upfront costs and lower initial repayments.

Criteria via Funding Circle:

To be eligible to apply for a CBILS loan through Funding Circle you need to meet the following criteria:

– UK-based business

– Turnover of up to £45 million

– 3 years of trading history

– Over 50% of turnover from trading activity (e.g. not from investments)

– Loan is for business purposes

– Loan primarily for trading activity in the UK

 

To help as many businesses as possible, Funding Circle will assess whether they would have made you a loan offer in normal circumstances, regardless of the impact of Covid-19.

 

What information will be required?

 

If you are planning to apply for a CBILS loan through Funding Circle, we suggest preparing the following documents:

 

Business bank statements for the last six months

They must show:

– The Account name and (where possible) the registered address. These must match the business you create the loan application for.

– The sort code and account number.

– All daily transactions.

– A history of a minimum of six months (with the most recent being within one month of your loan application date). If you can select an exact date range, be as up to date as possible.

– Latest full unabbreviated accounts

These must include:

– Profit and loss

– Detailed profit and loss

– Balance sheet information