CBILS Finance Update

Right now it is an unprecedented time for the UK economy so it was great to hear last week that our Chancellor announced ￡330bn of guarantees for loans, ￡20bn in other aid, a 12 month business rates holiday, and grants for retailers and pubs as well as a delay in payment of VAT and self-assessment tax. These announcements were not just aimed at “big business” but the 4m+ SMEs within the UK also.

Following this announcement, The British Business Bank (BBB) has temporarily replaced their Enterprise Finance Guarantee (EFG) scheme with a Covid-19 Business Interruption Loan scheme (CBILS) enabling businesses to access finance via its 40+ accredited lenders which include:

-       high-street banks

-       challenger banks

-       asset-based lenders

-       smaller specialist local lenders

with each lender able to provide up to ￡5 million in one of the following ways:

-       term loans

-       overdrafts

-       invoice finance

-       asset finance

Funding is available from ￡1000 to ￡1.2m

Since Monday (23rd March 2020) high street banks started to offer help for business clients with increases in overdrafts and repayment holidays often being the initial solution and the other accredited lenders providing their specific type of financial assistance.

Amiga Finance is pleased to confirm that our panel of funders includes BBB accredited funders as well as funders looking for new BBB accreditation and the message from the vast majority is that they are continuing with business as usual and that they will assist existing clients wherever possible including reducing repayments for a set period and providing dedicated teams for pricing support and customers in difficulty.

Our panel funders have also confirmed that new business applications, underwriting departments and pay-out teams are all working to the best of their ability to maintain services levels even though most are working remotely. Naturally this change will have some effect on processing and decision timescales but their internal situation as well as the UK situation are being monitored daily.

Amiga Finance would like to extend particular thanks to Aldermore, Investec, IWOCA, Funding Circle, BNP Paribas, PCF Bank, Lloyds Bank, Flex and Haydock Finance as well as the support of AFSUK and NACFB for their continuous efforts and updates.

If we can be any assistance in understanding what options are available for your business simply call or email us as we are here to help.