Since the government announced new loan schemes to support businesses, the Crowe team has liaised with over 50 businesses of varying shapes and sizes, who are looking for help to achieve business continuity in these challenging times. We are currently working on applications for funding in excess of £20 million with at least £7 million of this approved.
The larger CBILS facility is for businesses turning over more than £45 million under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Funding will be available of up to £25 million for businesses turning over up to £250 million. For those businesses turning over more than £250 million funding is available up to £50 million. The maximum term under CLBILS is three years.
In addition to plugging the funding gap in the mid-market with the introduction of CLBILS, at the smaller end of the market personal guarantees have also been scrapped for lending under £250,000 and, in the main, lenders are not requesting personal guarantees for facilities above this level either.
The British Business Bank has stated that the funding is intended for viable businesses that have been adversely affected by the COVID-19 outbreak.
Lenders will no doubt be inundated with applications, so getting yours right first time is key to making the process as efficient as possible and maximising your chances of success. The Crowe specialist team can support you with this.
We can help you compile a professional, robust application pack with all the information required, incorporating a degree of external scrutiny. This will stand you in good stead when approaching and seeking support from existing and new lenders.
Alongside your CBILS/CLBILS application, we can look at your existing lending. You and your lender may have already had a conversation about applying for a loan/facilities under the scheme, along with considering a rescheduling of existing facilities.
Irrespective of whether you qualify under the CBIL scheme, we can help you to assess your current facilities and discuss:
Please get in touch with Dave Riley or your usual Crowe contact for an initial discussion.
Our flowchart is designed to point you in the right direction on the measures which could be available for your or your business.
As more measures are introduced and more detail become available, the flowchart will be updated.
Download the flowchart
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