Many eligible businesses missing out on full scope of CBILS opportunities

Most UK small and medium sized businesses (SMEs) now have a good awareness of the help available to them under both the Bounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme (CBILS) There are however, many businesses are still unclear on the full extent of funding available under these schemes, resulting in many potentially missing out on vital support.

Whilst a business can’t access more than one scheme at the same time, it’s possible to apply for a replacement facility, where the borrowing business meets the required eligibility criteria.

Accredited lenders like White Oak UK, will allow eligible customers with an existing BBLS loan, but who also qualify for CBILS, to refinance their existing borrowing in full, where appropriate to do so. CBILS can provide access to increased level of lending, however, it’s important to remember that borrower protections differ between the schemes, so businesses considering this should speak with their lender.

Can my business have more than one CBILS loan?

At White Oak UK, we can help you access enhanced options to further assist your business to trade through current market conditions, such as:

  • Refinancing an existing BBLS with a CBILS loan
  • Accessing further CBILS facilities for individual businesses within a Group structure
  • Additional CBILS loans where there is capacity within the maximum loan amount

Please remember that borrowing limits vary between Schemes. Please contact us for more details.

This isn’t the only area where businesses are unclear. It’s also important to remember that for individual firms operating within a larger Group, CBILS funding could be available to multiple entities, subject to confirmed eligibility, and provided that combined turnover remains less than the £45 million threshold for CBILS loans.

Additionally, for eligible businesses who have been approved for a CBILS loan, but who have opted to take less than the maximum loan amount dictated by the British Business Bank funding calculation, it’s possible to apply for further supplementary CBILS funding, whether this is with the same, or an alternative accredited lender.

Eligible businesses who have not yet explored the possibility of additional CBILS lending can still look to address this while the Scheme remains available, even if they have already been approved for CBILS funding.

Andy Davies, Managing Director of Leases and Loans at White Oak UK

“Access to finance for business at this time is critical, so understanding the full scope of funding available under CBILS is vital. It is concerning to us that knowledge of this wider funding opportunity may be unnecessarily limiting funding for some and that in turn, businesses are missing out on accessing the appropriate level of funding where they are eligible to do so”

Under CBILS, fees and interest are covered by the Government for 12 months, however in addition, White Oak UK customers can also benefit from up to 12 months payment deferrals, meaning they are able to benefit from no repayments whatsoever for up to a year.

Since becoming an accredited CBILS lender, we have supported many eligible businesses across varying industries, to access broader CBILS funding options. So far, White Oak UK have approved more than £60million in new lending to UK businesses as part of the CBIL Scheme.

Check to see whether you are eligible and apply online for a fast, fuss free CBILS loan with White Oak UK today.

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