Access to Funding under the Government CBILS scheme
Date: 30 June, 2020
We are pleased to welcome additional funders onto our CBILS lending panel which enables SME's to borrow up to £250,000 with no capital or interest payments due within the first 12 months. (Interest Paid by the British Business Bank)
At Reality Finance we have spoken to hundreds of customers, providing advice on cost savings, freeing up cash flow, and the often-complicated process of applying for a business loan. We are seeing more and more customers looking for an easy to access loan facility to help them navigate these challenging months.
How will you use your CBILS Loan?
We’ve been working hard with our Customers, Vendors, and Suppliers to offer CBILS backed loans and Asset Finance options. Thus far we have provided a number of CBILS backed loans with the following examples:
£250,000 for a well-established manufacturing business over 5 years
£250,000 for an independent fashion retailer over 5 years
£250,000 for a safety systems manufacturer over 5 years and monies received by the client in 3 working days
£150,000 for a café and retail shop funded over 5 years
Typically Lender decisions are agreed within 3 working days.
Borrow from £50,001 to £250,000 over 1 to 5 Year Terms
No upfront or early settlement fees
No Capital or interest payments within the first
12 months (Interest covered by the British Business Bank)
Decisions typically within in 2-3 working days
No personal guarantees required
Competitive interest rates from 1.4%-8.9% APR
Typical Lending Criteria
To be UK based in its business activity with an annual turnover of no more than £45m
Applications must be for business purposes only
Businesses must generate more than 50% of its turnover from trading activity
Finance terms are between 12 and 60 months
For the applicant business not to have been in financial difficulty prior to the COVID-19 outbreak
In some cases, a minimum of 3 years of trading history
Why use a Broker? Why not go straight to the Bank?
Using an accredited Finance Broker will help get you started - Reality Finance will provide you with advice and information to point you towards the right Lender. We have already successfully provided CBILS for both Loans and Asset Finance to a handful of customers and know what Lenders to approach, depending on your needs. Reality Finance will do all the hard work for you when applying for either CBILS Loans or Asset Finance, by approaching our panel of Lenders and coming back with the right set of options for your business.