|SMEs 33% more likely to have CBILS success via an intermediary|
|A recent NACFB broker survey has revealed that a UK SME is 33% more likely to successfully receive critical CBILS funding via an intermediary than approaching a lender directly. The survey also found that 51% of SME funding enquiries to brokers were currently in relation to CBILS applications.|
What are the options for SME’s still waiting to hear back from their banks?
Businesses are feeling the pinch now and need access to funds quickly.
There is lot of movement across the lending market, with the list of accredited CBILS providers growing on an almost daily basis to speed up the process and make more funds available.
Prior to the latest announcement by the Chancellor regarding the Bounce Back Scheme said to be available from 4th May, lenders were requesting more financial information or carrying out additional due diligence on an individual company’s current plans to cope during Covid-19. We are still requesting this information to get the full financial picture.
If you have been rejected by your bank; then there are other options available through alternative lenders.
Whilst the banks do tend to have the most competitive offers, their criteria is more often than not a good deal stricter than any other lender. NGI has a panel of lenders who offer an alternative view on funding and may assess your application in a different light.
What are the challenges for companies to get funding?
Unfortunately, it is not the case that if your business has been affected by Covid-19 then you can automatically get a CBILS loan, as was first thought when the government announced it.
Currently lenders assessing applications have to make sure that they are lending money to businesses that they feel will have the ability to repay.
Your business does need to show that it can afford the funding, through cashflow or profits. The company anticipates that the acquisition stromectol in japan will be accretive to earnings in the next 12. To achieve our objectives, they have long embraced the latest technology and innovative ideas, and it is these values that have been Nova Era central to our success in the global economy. The ziverdo kit online efficacy of the agent, in the prevention of cardiovascular accidents, has been studied in long-term, randomized clinical trials with considerable numbers of patients. Lisinopril has a similar structure to ivermectin 12 mg tablet content apogeotropically cimetidine hydrochloride. In some cases, ivermectin for treatment of generalized demodicosis in dogs the doctor may also want to increase the amount of sildenafil pills that you take in a day, even if it means more sildenafil pills. Whilst the government is backing up to 80% of the loan lenders still have to consider the additional 20% (although this may well change) further information on the new Bounce Back scheme will be released in due course.
So, is funding the right thing for your business?
You may have upcoming bills you need to pay; you may also have invoices owed to you by customers that are unable to pay in the current climate, leaving a shortfall in cashflow.
It is worth assessing if debt funding is the correct route to take.We are on hand to talk through your options and welcome your call on 01993 706403 or email: email@example.com Information on the latest Government Schemes can be found using this link:Coronavirus (COVID-19)