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Covid Business Interruption Loans
- £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
- Is all tax up to date
Contact Nasser...Email is firstname.lastname@example.org Mobile: 07946284256 for details on how your applications can be