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We are fortunate to be working with leading organisations such as UK Finance and the Federation of Small Businesses. This gives us a unique vantage point in these uncertain times to get access to information early, so that we can share the latest guidance and advice with you.
As part of the Government’s package to support small businesses and their cash flow during this crisis, CBILS launched on 23 March 2020. The scheme aims to give SMEs financial support whilst providing billions of pounds worth of guarantees at a wholesale level to domestic banks across the UK.
You can access the scheme by visiting the British Business Bank directly, and enquire with each provider of your choice. However, we appreciate that this is a time consuming and lengthy process.
If you register through Finpoint, you can make one simple and easy application, saving you time and effort. We then do the hard work for you by checking your eligibility with our current list of providers. Not all providers are available through Finpoint at the moment, but more are being added. We can also use your application to suggest other funding options available to you.
The CBILS application requires more detail than a standard business finance application, which is why the Finpoint platform is streamlining the process to save you time.
The main reason for the additional information is to help lenders understand the impact of the coronavirus pandemic on your trading pattern. A key criterion of the scheme is to satisfy the lender that your business would be considered viable, were it not for the COVID-19 pandemic.
Businesses and individuals across the world are facing huge challenges in the face of the coronavirus pandemic. The requirement to stay at home and to social distance or self-isolate presents new threats to a wide range of businesses and services, and many businesses are forced to access finance in ways they previously have not done.
The UK Government recognises these challenges and have announced a new scheme to help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans between £2,000 and £50,000 spread over terms with up to 6 years.
The coronavirus small business Bounce Back Loan scheme aims to simplify the application process and was launched at the beginning of May. There are no fees or interest to pay during the first 12 months. Also, the government has worked with lenders to agree a low rate of interest (2.5%) for the remaining period of the loan. However, if you are accepted for a loan under this scheme, you won’t be able to apply for a CBILS loan later.
We’ve updated our platform to help you check which provider your business is eligible for. At the moment we feature 12 Bounce Back Loan providers and we may add to this number as more become accredited.
There are several reasons why you might get offered a business loan outside of CBILS:
- Not every business finance provider in the UK is accredited. You can check the British Business Bank website for the latest list of acredited lenders or apply on Finpoint and we can signpost you to those that we work with.
- Not every accredited lender can provide every type of finance that CBILS covers: the lender may have – based on your application – concluded that a non-CBILS product is a better match for your funding needs.
- CBILS launched with a caveat, whereby lenders were encouraged to offer loans on commercial terms where Government backing was not required. Access to the scheme has now been opened up further and you may therefore consider re-contacting your lender if you have previously been unsuccessful in securing fundinng.
Finpoint continues to help business owners to access advice and support for free.
In our blog, we summarise the latest information about Covid-19 support for your business directly from official sources to help you get through these turbulent times.
Remember, Finpoint is free to use and features the largest selection of business finance providers in the UK, including those that are accredited under the Governments Covid-19 loan support scheme.