We are trying to keep up to date with all the COVID-19 support available. There has been some criticism about how the banks seem to be making it very difficult for people to access the CBILS.
If you are going to approach the bank to access CBILS, you will need to have the following ready for the bank:
• Last 3 months bank statements
• Latest set of accounts or management accounts (if available)
• Last financial statements
• Cashflow showing how viability will return within 12 – 18 months
• Statement explaining how COVID-19 has affected the business
We did a webinar today where one of the panelists advised that they were expecting the government to make further changes to CBILS, including reducing the requirement to show viability returning within 12-18 months, because at the moment the future is very uncertain for us all.
The Big Four banks have agreed that they will NOT take personal guarantees as security for lending below £250,000 under CBILS. We have included a link below about this scheme. We have also included another link which you may find helpful.
Please feel free to contact us if you have any queries or require clarification. We are still working, albeit from home, but we can still offer support as normal.
