Using the Coronavirus Business Interruption Loan Scheme (CBILS), we can assist with finance facilities using a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
This new scheme can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
To help you understand if you may be eligible to apply for a CBILS-backed facility*, please ensure you can answer YES to these points;
- Your application must be for business purposes
- You must be a UK-based SME with an annual turnover of up to £45m
- Your business must generate more than 50% of its turnover from trading activity
- Your CBILS-backed facility will be used to support primarily trading in the UK
- You wish to borrow up to a maximum of £5m. (Finance terms are up to six years for term loans and asset finance. For overdrafts and invoice finance facilities, terms will be up to three years)
The Government can make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from lower upfront costs and lower initial repayments. Please be aware that you will remain 100% liable for the debt.
If you believe you are eligible or simply you wish to find out how Claratus can help, please get in touch via email or phone and one of our dedicated Account Managers will be delighted to assist.
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*If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.