Coronavirus Business Interruption Loan Scheme
Get help accessing a loan between £50,001 and £5M
Simple and straightforward with support from Anglo’s experts
Get a fast cash injection with no interest for a year
Improve your chance of success by 33%
Government-backed loans are helping many businesses during this crisis. And getting access to cash during these exceptional times may be crucial. However, the process isn’t easy for those unfamiliar with making these applications – and it can be difficult to get it right first time.
At Anglo Scottish, we are here to help increase your chances of success.
A survey conducted by the National Association of Commercial Finance Brokers has revealed that a UK SME is 33% more likely to successfully receive critical funding when applying via an intermediary than approaching a lender directly.
We have an established process in place and know what it takes to make a successful application. Get in touch now for a free, no obligation chat about your options.
What is CBILS
In response to the COVID-19 outbreak, the UK government has set out various new financial measures to support businesses, including a temporary Coronavirus Business Interruption Loan Scheme, known as CBILS.
This is available to UK businesses so they can access invoice finance, term loans, asset finance, and overdrafts through a panel of banks and lenders approved by the British Business Bank. The banks and approved lenders will be provided with a government-backed guarantee for 80% of the outstanding value.
- The first 12 months are interest free
- Borrow from £50,001 to £5 million
- Invoice finance, term loans, asset finance and overdrafts available
- No early settlement fees
- Terms from two to six years depending on funding type
- No personal guarantees required for borrowing below £250,000
- 80% of the debt is guaranteed by the government
How it Works
1. Get In Touch
2. Provide Required Information
3. Select Funder
4. Submit Application
5. Lender Makes Decision
6. Funds Arrive
Your business must:
- Be UK-based in its business activity
- Have been trading for more than three years
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Have been adversely impacted by COVID-19
- Not have been classed as a ‘business in difficulty’ on 31 December 2019
Businesses from any sector can apply, except the following:
- Banks, insurers and reinsurers (but not insurance brokers)
- Public-sector bodies
- State-funded primary and secondary schools
- Last two years unabbreviated audited accounting information
- Bank statements for the last six months in PDF format
- Purpose of the funding being sought
- Information on how COVID-19 has impacted your business
Get in touch with our team of experts and find out how you can benefit from the government-backed loans
Simply fill in your details below and we’ll be in touch the same or next working day to discuss your requirements