NEWS
CBILS Deadlines Fact or Fiction?
CBILS DEADLINE DATES There seems to be a bit of misinformation going around at the moment regarding CBILS and when it is going to finish. The facts are that as at today, i.e. 20th August: – The CBILS Scheme will end for applications on 30th September 2020 – However funders…
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TIME RUNNING OUT FOR CBILS
Time is beginning to run out for CBILS Applications. Remember it can be used to provide growth monies and not just emergency monies, provided you have been impacted by COVID (and who hasn’t!) Contact us at Snowball Group if you if you require help and advice for CBILS or CLBILS. We have…
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CHANGES TO CBILS SCHEME
From today there has been a change by the British Business Bank to the CBILS Scheme on ‘businesses in difficulty’ For businesses with fewer than 50 employees and less than £9m in turnover, the ‘business in difficulty’ test will no longer be applied or taken into account (unless the business…
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AFTER QUARANTINE LIFE
For months now there has been a sense of gloom sat above us all and impacting everyone’s day to day lives not only here in the UK but across the world. The media is awash with everything negative associated with COVID-19 and I certainly do not want to add to…
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STATE OF THE FUNDING MARKET
The funding market has seen some considerable changes during this period and here we set out what we have seen in terms of the government support for business and then how the ‘normal’ funding market has adapted: CBILS Firstly, we had the launch of the government backed CBILS facilities through…
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NEW CBILS SPECIALIST PRODUCT
We are one of a select number of intermediaries chosen to have access to this NEW SPECIALIST CBILS PRODUCT which utilises the commercial property trading asset as security for a trading business and thus enables the cost of borrowing to be spread over 25 years. Key terms are: – Loans…
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NEW LENDERS ADDED TO CBILS
The British Business Bank have just announced 4 new lenders have been signed off for the Coronavirus Business Interruption Loan Scheme (CBILS): Co-op Bank Cynergy Bank Oaknorth Bank Starling Bank
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POSITIVE CHANGES TO THE CBILS SCHEME
The Chancellor clearly must have read my LinkedIn post yesterday as the scheme will now be OPEN TO ALL VIABLE BUSINESSES AFFECTED BY COVID19 – a key and necessary improvement. Other changes include: – No lender on the scheme can take a personal guarantee for loans up to £250k –…
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WATCH THIS SPACE!
The Chancellor is expected to announce changes (improvements!) to the Coronavirus Business Interruption Loan Scheme (CBILS) either today or tomorrow as the scheme is clearly failing to achieve its objectives. Many businesses don’t want to take out loans and may not have borrowed before. The requirement for banks to offer…
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