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Common CBILS questions

Common CBILS Questions | Help with CBILS | CBILS Finance | CBILS Finance Witney

There are lots of questions surrounding CBILS (Coronavirus Business Interruption Loan Scheme), so we have compiled a list of those most commonly asked:

What is a CBILS loan?

A CBILS loan is financial support for SME’s in the UK who are in need of some additional support as result of COVID-19. Lenders are able to provide up to £5million for loans, overdrafts, invoice finance and asset finance.

What is a bounce back loan?

A bounce back loan (BBLS) is very similar to CBILS as it also provides financial support for UK businesses as a result of COVID-19. Companies can benefit from any business finance deals up to the value of £50,000.

If my bank has declined me for a CBILS loan can I get it elsewhere?

Yes, absolutely but we recommend that you speak to a business finance specialist. They can evaluate your first initial submission and suggest how best to present your application for a second time.

Can I have more than one CBILS loans?

Yes, but some restrictions may apply. For example, lenders normally require between 3 and 6 months of repayments from your first loan before considering a second loan application. There are also limitations under CBILS as to how much can be lent.

Do I need to give a personal guarantee or security with a CBILS loan?

If funding is less than £250,000 then a personal guarantee is not required however, they may be requested for loans above £250,000. Ultimately this will be at the discretion of the lender.

I don’t know if I am eligible for a CBILS loan?

Give us a call, we will do a simple fact-finding exercise and can let you know.

If you have any question regarding CBILS please feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk, we would be delighted to help.