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Maximising your chances of success when applying for funding


Dave Riley, Partner, Corporate Finance
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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. 

Are you looking to secure a loan?

Don’t leave it too late – the schemes currently run to the following dates:

  • CBILS ends on 31 March 2021.
  • CLBILS ends on 31 March 2021.

We can help you

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.

We will guide you through the process by:

  • assessing your funding needs
  • helping to identify any potential barriers
  • creating a structured lending proposal demonstrating:
    • how the business performed financially prior to the crisis
    • an assessment of how much you need to borrow with an assumption on headroom required
    • steps that have been taken to mitigate the position including deferral of VAT, agreeing a time to pay arrangement for PAYE, furlough scheme and rates relief
    • an assumption of how trading will be impacted over the next three to six months
    • beyond the next six months how the recovery may look assuming the crisis is under control
    • what are the prospects for trading beyond year one and two
    • three year forecasts to support your business case with upside and downside sensitivities along with a 13 week cashflow forecast to illustrate the immediate impact of the current crisis i.e. sales impact, overhead reductions, deferral of VAT payable. 

If CBILS/CLBILS is not the solution on its own

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: 

  • capital repayment holidays and interest roll-up on your existing loans 
  • hire purchase and finance lease capital repayment holidays, particularly if they are with the same provider 
  • agree an extension to your overdraft limit as long as there is a cash flow to support the correction of the facility 
  • relaxing financial covenants, for example around EBITDA levels and interest cover 
  • amending lending formula, for example extending invoice discounting advance rates, extending loan terms. 

Your next steps

Please get in touch with Dave Riley or your usual Crowe contact for an initial discussion.

What funding support could you be eligible for?COVID 19 flowchart

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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Contact us

dave riley
Dave Riley
Partner, Corporate Finance