Arrange your CBIL
Compariqo Finance has partnered with one of the largest business finance experts in the UK to give you access to the government backed Coronavirus Business Interruption Loan Scheme (CBILS) for small to medium sized businesses.
We and our partners will assist you on all aspects of the application, which will then be presented to a lender exactly according to their criteria to ensure that your application stands the best possible chance of acceptance.
What is the CBILS?
Loans are backed by a guarantee and can be offered at commercial rates of interest – meaning less risk to lenders. This means that you have more chance of being accepted.
Things you need to bear in mind
Borrowers will be asked to provide a lot of financial information and should initiate the process as soon as possible.
Borrowers are obliged to repay all of the amount borrowed, not just the 20% that has not been guaranteed by the government. Any defaults on payment will be recovered through standard methods. The loan is not a grant and will have to be repaid.
The CBILS is a complex process and will only be considered for applicants who have a viable business. The loan is not considered to be a “prop loan” so if your business was suffering long before the onset of the Coronavirus outbreak, your application will likely be rejected.
How a CBIL differs from other loans:
- No interest to pay for the first 12 months
- Payment Holidays
- 80% is guaranteed by the government
- Low interest rates
- No arrangement fees
ARE YOU ELIGIBLE FOR A CBIL?
Which lender should I approach?
Who makes the decision on if I can borrow?
At Compariqo we can help you to find the most appropriate lender to approach via our expert partners in business finance.
What is the definition of the turnover of an SME?
If your business has a higher turnover, we may be able to find you other solutions that are more applicable to you through our partnership.
What are the fees to borrow under the CBILS?
What types of funding are available and who offers which type?
- Term loans
- Asset Finance
- Invoice Finance
There are a growing number of lenders participating and our finance partners have recently issued an open letter to Rishi Sunak, the Chancellor of the Exchequer to request the expansion of lenders who can access the scheme to cope with the current level of demand.
What if I am refused under the CBILS?
The criteria for lending has recently changed so it’s worthwhile making a new application, even if you have been refused in the past.
Our partners know which lenders are most likely to approve and then fast track your application, as they know what each lender is looking for and how to present the application.
What if I don’t have sufficient security to access the scheme?
You can now take advantage of the low rates, payment holidays, and interest-free periods provided by the scheme.
This significantly increases the businesses who are eligible for the scheme and may be worth re-applying if you have previously been refused.
What if I’m not successful applying for the CBIL?
There are other types of finance available and if your CBIL application is rejected, we can help you to find alternative funding and will not relent until we have exhausted every possibility to help your business survive.