Can’t access the CBILS – What are my options?
COVID-19 has posed new challenges for businesses across the United Kingdom. Many companies are desperate for any outside funding at the moment as their income has taken a hit due to the pandemic.
The Government announced the Bounce Back Loans (BBL) and Coronavirus Business Interruption Loan Scheme (CBILS) earlier this year as a way of helping businesses get back on track and recover after lockdown.
What is the CBILS loan?
The Coronavirus Business Interruption Loan Scheme offers funding to businesses who are desperately in need of funding to help with any cash flow issues and insure that companies do not immediately go into administration. While lockdown has begun to be eased since July business has not picked up yet in many sectors. The loan is currently offered on an attractive 12 months no interest rate. While the scheme sounds like a great funding opportunity, recent figures show that only 1.4% of businesses managed to secure CBILS funding.
Most businesses turned away did not meet the funding requirements set by banks, even after the Government called on them to relax the criteria for borrowing. Furthermore, as a new funding opportunity announced by the Government, there are delays caused by the sheer amount of businesses applying for the scheme at the same time.
I could not secure a CBILS loan, what can I do?
Just because you have been turned away from a CBILS loan, that does not mean you have to panic. CBILS is only one type of funding available for businesses at the moment.
Just by speaking with an advisor at Ravens Wood Progressive you might discover other, more suitable funding options for your business.
We are connected to over a 100 lenders, each offering a different lending criteria, and we can help you find the best option within 24 hours of your enquiry.
Yes the application process to multiple lenders can be a time consuming process, but rest assured Ravens Wood Progressive is here to help you every step of the way. As commercial lending experts we already know what lenders are looking for, and which one of our connections would be the best suited for you.
By using specialists like Ravenswood Progressive, you can ensure that you have the most best funding options available at the best possible price. If you have been turned down for CBILS or would like to explore your business funding options, contact us on the form below. We guarantee appointments within 24 hours of your enquiry.