Covid 19 Business Financial Resources News

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Covid Business Interruption Loans

 

CIBILs 

Key facts:

  • £50,000 to £5 million loan facilities
  • Invoice finance, Term Loans, Asset Finance, Overdrafts
  • First 12 months is interest and fee free
  • Capital repayment holiday of 6 to 12 months are available
  • No PG’s for any debt under £250,000 
  • Lending above £250,000 PG’s are limited to 20% of debt
  • Insufficient security is no longer a condition to access the scheme

 

Lender documents required

  • Last 3 years full accounts with detailed P&L - ensure serviceability
  • Last 6 months business bank statement - accountant conduct
  • Up to date management accounts - ensure serviceability
  • Aged debtor and creditor lists - ensure payments are on time
  • Confirmation of any outstanding debt (provider, term, repayment)
  • Statement of assets, liabilities, income, and expenditure from Director/Shareholders
  • Cashflow forecasts used to determine the working capital required
     

And the information required

 

  • What is the purpose of the requested facility (short term cash flow/longer term cash injection) and how will the funds be specifically used to address the shortfall caused due to COVID-19?
  • Please provide detail on the amount of the borrowing request and how this amount has been derived. e.g. How much are you requesting and why? 
  • On what basis has the amount been calculated? What assumptions are being used? Is it likely further borrowing at a later date will be required?
  • When the Pandemic is over, how long do you think it will take your business to recover? 
  • What changes are the business making in the short and longer term to help drive business performance back to either pre virus levels or beyond?
  • What was your Annual Sales Turnover for 2019?
  • What was your Annual Wage Bill for 2019?
  • Please provide the current number of Employees
  • What are the costs you currently have to pay in regard to running the business e.g. staffing costs, business premises costs, stock and or/other debt costs and what are you doing to reduce these? 
  • What have you been able to access in terms of government schemes in response to Covid-19 (Grants/rates non-payment/VAT deferral/Time to pay arrangements)? - please provide details
  • Is all tax up to date

Contact Nasser...Email is nasser@businesspulse.org.uk  Mobile: 07946284256 for details on how your applications can be processed.

 

 

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