How It Works
Our ex-bank staff are ready to help you package and submit your CBILS application!
Complete our CBILS application form.
We will email you a link to package your case with us.
We help you get your case 100% ready for lenders with accurate cash flow forecasts and debt serviceability demonstrated.
We fast track your case to lenders underwriting teams.
Lender(s) will present loan terms for your consideration.
The lender will arrange releasing funds to you
Protect Your Business
Business protection insurance protects your business against the illness, disability or death of its directors or employees. Effectively you get personal life and income protection cover paid for by your business, with various tax benefits.
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Matt's assistance in arranging my loan was excellent. The whole process was easy and any queries I had were promptly answered. Nothing was too much trouble and help was always on hand. Thanks for y...
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Frequently Asked Questions
Need answers? We got 'em.
No. If you want to borrow £50,000 (or less) you are better off applying for a Bounce Back Loan Scheme (BBLS) loan, rather than a CBILS loan.
BBLS loans are NOT subject to affordability tests, or credit checks. Therefore, if you apply you will be accepted and have your money within 24-48 hrs.
The larger CBILS loans are subject to affordability tests and credit checks, as would expect when you are borrowing anywhere from £50k to £5m. These CBILS checks however are more lenient than they would be under normal conditions, as the lender is protected by the 80% government so they will accept more risk than normal, and set the interest rate lower.
If you think you need more than £50,000 then you will need to demonstrate affordability.
We will help you package your application so that you can justify the amount you require and evidence your ability to repay the loan (based on your trading performance prior to COVID-19).
Under the terms of the scheme this is not an legitimate reason for the loan.
However, if you can demonstrate that the business can service both the new CBILS debt and the existing debt then lenders will lend.
We can help you demonstrate the required Debt Service Cover (DSC) which lenders are looking for to enable them to lend on top of your existing finance commitments.
Once you have it, there is nothing to stop you using CBILS money to pay off the existing more expensive debt as a way of helping your business through this crisis.
A broker can assist in the following ways;
We will calculate the Debt Service Cover (DSC) ratio that lenders use to work out the maximum you can afford to borrow. You can then decide how much of this you want to apply for.
The cheapest lenders tend to be your own bank, so we will start with these first and then go to the next best alternatives.
Because of our daily interaction with lenders we have channels of communication with them that are not impacted by the present customer call center queues.
You can easily package your application online with us. We use open banking and digital signatures to enable you to put together a professional application in just a few minutes!
We also structure your application in a way that provides a lender with everything they need to make a quick decision.
Yes. You can always apply for a Bounce Back Loan (BBL) if you are declined for a CBILS loan.
The chance of being accepted for a BBL are much higher as the loans are 100% guaranteed by the government, where as CBILS loans are only 80% guaranteed.
Please remember that you are still 100% liable for either a CBILS or BBL loan.
Loans in the scheme are limited to a maximum of 25% of 2019 turnover, or double the annual wage bill in 2019, whichever is greater;
CBILS guarantees facilities from £50.000 up to a maximum of £5m available on repayment terms up to six years for term loans and asset finance. For overdrafts and invoice finance facilities, terms will be up to three years. The scheme provides the lender with a government backed partial (80%) guarantee against the outstanding facility balance.
There is no guarantee fee for SMEs to access the scheme. Lenders will pay a fee to access the scheme. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees.* You (the SME) will therefore benefit from no upfront costs and lower initial repayments.**
At the discretion of the lender, the scheme may be used for unsecured lending for facilities of £250,000 and under. For facilities above £250,000, the scheme requires the lender to establish a lack or absence of security prior to businesses using CBILS. Primary Residential Property (PPR) cannot be taken as security under the scheme. If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.
Please note: It’s important that you are aware that you, the borrower will always remain 100% liable for the debt. The CBILS guarantee is to the lender, not you, the SME.
* Following earlier discussions with the banking industry, some lenders indicated that they would not charge arrangement fees or early repayment charges to SMEs borrowing under the scheme.
** Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.
No. If your business has not been trading in 2019 then will not be eligible for the scheme.
Yes. You must show in your borrowing proposal that were it not for the COVID-19 pandemic, your business would be considered viable by the lender, and for which the lender believes the provision of finance will enable your business to trade out of any short-to-medium term difficulty.
We will support you in doing this.
Yes, as long as the business activity is operated through a business account. The scheme is open to sole traders, freelancers, corporate bodies, limited partnerships, limited liability partnerships or other legal entities who carry out a business activity in the United Kingdom, with annual turnover more than £100k in 2019 up to £45m, or an Annual Wage Bill above £12.5k in 2019, operating in all sectors. The business must generate more than 50% of its turnover from trading activity.
We have created a cashflow forecast spreadsheet that will allow you to enter your current bank balance and monthly expenses, which you can use to calculate if you have enough funds to see you through this period of disruption.
You can find the Coronavirus Cash Flow Forecast document here.
There are a few official sources that you can follow for up to date news on the CBILS.