57,000 businesses have received £12.7bn
Up to the end of July, more than 57,000 businesses have received £12.7bn in lending through CBILS. More small business owners are now trying to secure their finance before the scheme ends this month.
On average, only half of those applying are successful in securing finance. This is significantly lower than the Bounce Back Loan scheme, which has seen four out of five businesses that apply are accepted.
A CBILs lending proposal requires more input from the business. You may struggle to find the right lender to accept your proposal. A Broker can help you secure finance by helping prepare a proposal for consideration by the right lender.
Your business will need to meet the following requirements to be eligible for CBILS:
Based in the UK
A turnover of at least £100,000 up to £45 million in 2019
If your turnover is less than £100,000 then you can qualify if your salary bill is £12,500 or over
Half of your turnover must come from your business activities/trading and cannot be from investments
A viable trading business of at least three years prior to the pandemic
For loans of more than £30,000 your business cannot have been a ‘business in difficulty’ on 31 December 2019
Your business must self-certify that it is struggling and negatively impacted due to the Coronavirus emergency
You must use CBILS for business purposes only and to support your operation of the business in the UK (although loans to support export trading may be allowed in some circumstance
