We are working on Coronavirus Business Interruption Loan applications for our clients and currently have spare capacity to help others with their applications. This could be either:
- Businesses applying to their own bank, or;
- Businesses whose lender does not currently participate in the CBIL scheme
There is high demand for these loans so getting your application right first time is vital to avoid delays. This is where we can help, facilitating a quicker passage through the system and improving the chances of a successful outcome.
It has taken time for the details of the scheme to be fully understood; in fact some are still changing even now.
There is a Scheme information sheet here.
How can we help you?
Applying to your own bank
Be warned: this might not be as straightforward as you would expect. Having been in discussion with frontline lenders about the scheme, it is obvious that they are under huge pressure, and time is at a premium.
Getting your application right first time is crucial. If it is incomplete, or confused, then this will cause delays and raise the risk of your application getting bogged down in the system.
We have spoken to lenders to understand what information they need and how they will be assessing loans. This will help us to get our applications right and facilitate a smoother passage through the system.
- Leaving your bank with the minimum of analysis to do will save precious time.
- Getting your application right reduces the risk of it being delayed, or rejected.
- The quicker it is approved, the quicker you can access the funds.
- Getting help with your application frees up time for you to deal with other things.
Applying to another lender
This is necessary if your lender does not participate in the CBIL Scheme. Not sure if your lender does? Follow the link the information sheet on our web site. One word of warning: some lenders are prioritising applications from their own customers first, and are not yet open to applications from new customers.
When applying to a new lender there is the added complication of which one to approach. The scheme rules allow lenders discretion in certain areas. The most important area by far, is that they must consider whether, were it not for the pandemic, your proposal would be viable. Unsurprisingly, lenders are assessing this in different ways, which adds an extra layer of difficulty.
When applying to a new lender we can help smooth the way by using one of our known contacts, rather than the lottery of you having to apply ‘blind’.
What to do next
If you need funding, don’t delay – start work on your application straight away. If you would like to speak with us first then just get in touch on 01234 262620 or email enquiries@independentbankers.co.uk. Although we have spare capacity now, we may not for much longer, so do please get in touch as soon as you can.
In an effort to ‘do our bit’ we are handling all applications at discounted rates.