Borrow up to £250k under the Government CBILS scheme
Date: 19 January, 2021
Following the recent announcement from the Chancellor we are pleased to be extending our CBILS offering until 31 March 2021. CBILS enables SME's to borrow up to £250,000 with no capital or interest payments due within the first 12 months.*
Borrow up to 25% of your turnover (in last filed accounts) up to a maximum of £250,000
Repayment terms between 1 to 5 Year Terms
No upfront or early settlement fees if repaid in the first 12 months
No interest payments within the first 12 months
Decisions typically within in 2-3 working days
No personal guarantees required
Competitive interest rates from 1.4%-8.9% APR
*Interest Paid by the British Business Bank
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
Do you have a Bounce Back Loan but need to borrow more?
If you have already received a Bounce Back Loan provided by the British Business Bank, you now have the option to consolidate this into a CBILS loan and borrow an additional £200,000.
What are the Terms?
The application process and lending criteria are the same although you will be expected to repay the £50,000 to your original BBL Provider, out of the new CBILS Loan. Contact us for more information and we will talk you through the process.
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
Lender decisions are agreed within 3 working days (average)
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.
For Vendors, Suppliers or Resellers:
Many of your customers will be asking whether you can offer monthly payment terms. This is where Reality Finance will be able to help your business. Contact us for more information.