As the CBILS loan deadline approaches, we outline the scheme, who it can help and how to apply in time.
The government backed Coronavirus Business Interruption Loan Scheme (CBILS) is designed specifically to support SMES hit by the pandemic. Borrowers pay no interest or repayments for the first twelve months.
CBILS loans are available to property businesses. Products include CBILS development finance, designed to help professional property developers whose main source of income derives from property development. CBILS development exit loans can be used to repay development finance on any schemes that have faced negative impact as a direct result of the pandemic. Commercial owner occupied mortgages are available for the same reason.
Applications for CBILS loans need to be submitted by 31st March 2021. The deadline for offers is 31st May 2021 and the deadline for the first drawdown, after a loan is offered, is 31st August 2021.
If you have submitted an application and are awaiting the results, there are a few steps you can take to support your application in meeting the deadline. See ‘How to get finance ready’ below.
The CBILS application process is similar to other finance products:
There are a number of documents you can prepare to help speed up your application.
For Development Finance and Development Exit Finance applications you will need to provide:
If you have taken out a Bounce Back Loan you cannot apply for the CBILS scheme in addition to this.
You can borrow a maximum of £5m of CBILS loans. Individual lenders have their own maximum loan caps. Your Pilot Fish contact will be able to advise you on this.
Need to chat to us about a CBILS application? Contact us here.