The British Business Bank describes it as “financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cash flow disrupted, as a result of the Coronavirus outbreak”. CBILS gives the lender a government backed guarantee for up to 80% of the finance facility. Business asset security and personal guarantees (above £250,000 of borrowing) will be taken at different levels of finance. Accredited lenders such as banks, building societies and asset based lenders can provide facilities up to £5 million in the form of; term loans, overdrafts, invoice finance and asset finance.
However, many businesses are struggling to meet the criteria of the CBILS lenders and as time progresses it is apparent some of those lenders are changing their own appetite to provide the loans with some lenders pulling out and therefore less liquidity in the market. Speaking to our broad range of introducers and clients, we have found that applications for the CBIL’s are falling at the first hurdle and being declined leaving businesses with financial uncertainty whilst trying to cope with an unprecedented slowdown in turnover.
How Can Inksmoor Help?
Often a company’s invoices are its greatest asset and leveraging against this can be a quick and viable alternative borrowing solution. Inksmoor is an asset based lender helping businesses with cash flow in the uncertain times due to Coronavirus, offering flexible factoring facilities and secured business loans. See below precis of facilities available to UK registered Businesses.
Flexible Invoice Finance / Factoring;
- Single invoice / Single debtor / Multiple debtor and Whole book facilities
- No monthly minimums
- Contracts start from 30 day rolling
- Single Fee Structure Facility set up from 7 working days
Secured Business Loans
- Secured against tangible assets but not limited to Buy to let and Commercial properties, Land and also Plant & Machinery
- Up to 12 month facilities
- Interest only
- From enquiry to funds received 7-14 days (dependent on due diligence)
If your business does meet the CBIL’s criteria but you are struggling to document your financial position then Inksmoor can help you prepare the documentation required to apply for CBIL’s via our Outsourced Accounts Services and support with:
- Management Accounts
- Cash flow Forecasts