Accessing the CBILS – how to increase your success rate
There has been a lot of media coverage in recent weeks about businesses having difficulty accessing loans through the Government's Coronavirus Business Interruption Loan Scheme (CBILS).
Our experience has shown that the process can be dealt with faster and is more likely to achieve a successful outcome if you provide the banks with the following information:
- How much do you want to borrow, for how long and how did you arrive at this figure?
- How has COVID-19 affected your business and why do you need the loan?
You will also need to supply the following information:
- the last two years of accounts including your profit and loss statements;
- up to date financial information including Interim management accounts;
- cash flow forecasts showing how much cash is in the business and why you need to access the CBILS;
- a list of aged creditors and debtors;
- a written statement about the current financial information and overall performance of the business; and
- a detailed business plan which aims to show how you think the business will be affected and what is likely to happen post COVID19.
The main thing the banks are wanting to see is up to date financial and business information.
Whilst we have heard that the banks are supposedly relaxing their stance on businesses providing future looking business plans, we have yet to see this happening.
We can help put together the above information to give you the best possible chance of accessing these Government backed loans during the COVID19 virus. This service is available free of charge to existing Wilkinson and Partners clients; however, we may need to charge other businesses or organisations.
Please contact us on 01274 518200 or email firstname.lastname@example.org if you would like some assistance.