Despite hopes for an extension the British Business Bank has confirmed that the deadline for Coronavirus Business Interruption Loan Scheme (CBILS) applications will remain the 30th September.
If you are still waiting for approval from a bank application this is the last chance to lodge an application with an alternative lender, even if it is only used as a contingency plan.
The deadline for approval is 30th November so as long as you have an application lodged by the 30th September there are two more months to complete a full application.
Turnaround time from alternative lenders is typically one week although some cases have been quicker.
Many of the alternative lenders have also reduced their information requirement and eased certain credit criteria as they have got to grips with the process so it is faster and easier to apply to an alternative than ever before.
The basic requirement to apply are:
- Must be UK based
- Must have been negatively impacted by Covid
- Must have been viable pre-Covid (not necessarily positive balance sheet)
- Can borrow maximum 25% of 2019 turnover
- Minimum 2019 turnover £200,000
If you are interested in a CBILS loan email us at toby@startpointfinance.co.uk or speak to your usual broker.