CBILS Deadline: Bathgate Business Finance advises businesses to look to the independent providers for CBILS support
West Kirby-based finance specialist, Bathgate Business Finance, is urging businesses not to miss the upcoming Coronavirus Business Interruption Loan Scheme (CBILS) application deadline of 30 September 2020, including those that have previously been declined the loan by their banks or may now realise that they require top ups to their original Bank CBILS loans
Since the beginning of May, Bathgate Business Finance has written over £7million worth of CBILS deals, helping numerous businesses across the North West. In recent weeks, the business has encountered a number of companies who had previously been declined CBILS by their bank, but for which they have been able to secure CBILS loans.
Managing Director, Gordon Andrews, said: “Each bank works to a specific set of parameters that not all businesses will meet. However, there is also a whole independent market out there with funders whose criteria you might meet, to which you can apply even if you have previously been declined elsewhere. A no to CBILS from your bank doesn’t always mean a no to CBILS completely
Gordon also highlighted the opportunity for those who had already received a loan on the CBILS to apply for a further loan or top-up from another lender which can also be CBILS Invoice finance or CBILS Asset finance. In addition there are options for those who were not eligible for the government-backed schemes.
Gordon continued: “We work with a panel of independent CBILS funders and a wide range of alternative finance companies who - even before the pandemic - had a history of funding solutions for companies that had previously struggled with traditional routes.
“We know that many businesses have fallen through the gaps with their own banks for the government schemes and we want them to know that there may be alternative funding options out there for them.
“Our team has diverse sector experience and will look at a client’s needs and identify the best funding solutions from our range of CBILS funders”
The CBILS application deadline is 30 September 2020, with a completion deadline now extended to 30 November 2020, allowing more time to draw down on approved deals.
Bathgate Business Finance is an approved intermediary for a number of independent CBILS funders and it is able to help eligible SMEs navigate the relevant loan application processes quickly and efficiently, by completing the applications on behalf of the businesses applying. On average, the process from application to receipt of funds is less than two weeks.
It can apply for CBILS loans from £50k to £5m on behalf of clients and currently its acceptance and conversion rate for CBILS applications is 10 percent higher than the national average.
For further information about CBILS and how Bathgate Business Finance can help, please contact Gordon Andrews on 0151 625 7323 or email firstname.lastname@example.org
Please note, photo was taken prior to COVID-19 restrictions