The banks are currently receiving a vast number of requests under the CBILS scheme. We are being advised by our banking contacts that they are all working hard to process as many applications as possible and that many of the banks are prioritising their existing clients over new customers.
Below is a list of the information that banks are typically asking applicants under the CBILS scheme to provide to support their application:
- The CBILS Application Form
- British Business Bank Data Protection Form (this is a regulatory requirement which gives the Bank permission to share your data with the British Business Bank (BBB).
- The following information will also be requested in order to supporr the CBILS application:
- A brief update on the performance of the business prior to the Pandemic together with details on how the businesses has been impacted by the crisis
- Information showing 12 months performance of the business prior to the impact of the Coronavirus (management accounts or full audited accounts for 2019)
- A summary of the actions already taken by the business, or those that they are considering all of which will mitigate the impact of the pandemic.
- Schedules of any Hire Purchase or third-party finance commitments (with current balances, repayment commitment details and expiry dates)
- Set of forecasts which have been used to estimate a total cash requirement over the next 12 months together with details of the debt you are seeking
- Any key assumptions or risk factors which may impact the above
- Details of any other areas of funding or Government support the business has already considered
The bank’s decision on business performance in 2021 and 2022 will be based on the performance before the on-set of the Coronavirus. Banks are therefore asking that the business outlines any longer term impacts which may mean this is not reasonable.
We would also suggest that businesses look at the British Business Bank’s website as this has a wide range of additional information and FAQs.
If you wish to speak to a member of our team regarding any help you require in order to process your CBILS application please contact us.