Coronavirus Business Interruption Loan Scheme (CBILS) update

Although details are still sketchy, British Business Bank has been updated with some more information about Coronavirus Business Interruption Loan Scheme (CBILS).  We have been speaking to our banking contacts and here’s what you need to know so far:

  • Your first point of call should be to call your own bank, if you don’t have a direct contact, we may be able to help
  • The banks are likely to support their own clients and not take on new clients at the moment
  • Businesses will need the following:
    • 2 sets of financial statements (full, not abbreviated)
    • Current Management Information
    • Forecast (2 scenarios may be needed, as the business was operating and as it will now operate and recover)
  • The banks will still want to see a ‘purpose’ for the lending
  • As we have said before; if the business was struggling before with losses/ poor performance – the banks will struggle lend now
  • The banks will still want to lend responsibly
  • The ‘challenger banks’ are keen to help and might be the best option for construction businesses

We’re here to support you, talk to us about financial modelling, approaching banks and the next steps for your business.

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