V4B Business Finance is an accredited provider of the Coronavirus Business Interruption Loan Scheme (CBILS), an initiative created by the government for small and medium businesses by providing support for those which are losing revenue or have had cash flow disrupted due to the COVD-19 outbreak.
Under the CIBLS’ scheme the government provides 80% guarantee on all loans taken out on the scheme.
By utilising the scheme, UK businesses can access much-needed financial support. It provides lenders and brokers such as V4B Business Finance with a government-backed guarantee that potentially enables lenders to lend to businesses that might not have previously been eligible for a loan, helping those businesses through the Coronavirus.
The CBILS scheme enables businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months meaning that smaller businesses can benefit without upfront costs and lower initial repayments, which are a concern to many during this time.
However, some businesses have been deterred from applying for the finance available. Speaking on the issue, the British Chambers of Commerce, head of economics Suren Thiru said:
“Our Coronavirus Business Impact Tracker tells us that a concerningly high number of businesses are still finding accessing the scheme too complex and too lengthy. The government and financial institutions must continue to work together to identify practical steps to improve the workings of the CBILS scheme to ensure that cash gets to the frontline as quickly as possible.”
Using an accredited broker such as V4B Business Finance provides additional support with the CBILS application. As an accredited provider we can guide you through the process and our advisors are on hand to answer any questions you may have.
V4B Business Finance is also fully-operating throughout the crisis and can arrange traditional funding, both unsecured loans and asset finance.
CBILS SCHEME
For UK-based businesses
Annual turnover less than £45m
More than 50% of turnover from trading activity
Provides flexibility of payment terms
Must have three-years trading history
Loans available up to six years for loans and asset finance facilities
WHO IS NOT ELIGIBLE?
Banks, insurers, and reinsurers (but not insurance brokers)
Public-sector bodies
State-funded primary and secondary schools
WHAT DO I NEED?
Business bank statements for the last six months including:
The account name and registered address
Sort code and account number
All daily transactions
At least six months history
Latest full unabbreviated accounts including detailed profit and loss and balance sheet information
Contact us for more information enquiries@businessfinance-v4b.co.uk or visit https://businessfinance-v4b.com/cbils/ We can support you during your application.
