CBILS Success: Careful Management to Support Application Eligibility
Over the last few months, we’ve been working continuously to support clients across the country with their CBILS applications.
After being launched in March this year, the Coronavirus Business Interruption Loan Scheme has been difficult to navigate for many businesses across the country. Our CBILS process aims to simplify navigation, and has so far proven to be successful.
One of our most recent CBILS completions has provided £250,000 for a client who owns a group of companies involved in the property development, construction and leisure industries.
What were the client’s objectives?
After the coronavirus pandemic began to affect business, our existing client needed to find some financial relief to prepare for the future of their companies.
They understood that this was a complex transaction but the financial impact of the virus was growing each day, and so they needed access to cash flow as quickly as possible.
What solutions did we offer?
Our advisers helped to shape the application, bringing together the relevant evidence needed to ensure eligibility and appropriate use of the scheme.
The internal processes in place made sure that the application was in the best condition for the lender to evaluate, presented to a contact we know well in a language they understood. This gave the application maximum chance of success.
We are pleased to say that the application was successful, with the client receiving the £250,000 they applied for this week. This money has allowed our client to maximise their success and prepare for their future as the country eases out of lockdown.
How did we ensure success?
In order to gather the correct documentation for the CBILS application, we communicated regularly and effectively with the client’s accountant and banks. As the client had split banking, our relationships with both banks made this even easier, allowing us to streamline the process and reduce timescales considerably.
The longstanding relationship we have with the lender meant that we could submit the application via a specialist contact, who we spoke with regularly to check the status of the application.
Finance 4 Business
We understand that these are challenging times for businesses across the country. However, with over 250 years of combined banking experience, you are in safe hands.
Start your CBILS application with Finance 4 Business and let us place you with the correct lender to achieve the best solution. There are no upfront charges, with fees applicable only if you are successful with your application.
Contact one of our expert advisers today by calling 0330 202 1111.
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