New data published by the British Business Bank reveals that the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) facilities continue to be accessed across the UK in proportion to each region’s respective share of the UK business population.
Gambit's latest report details the nationwide utilisation of CBILS and BBLS facilities and offers advice on the key factors to consider when completing applications for government-backed funding.
As at 20 September 2020, £15.5bn of CBILS facilities and £38bn of BBLS facilities had been approved by accredited lenders. Both schemes provide financial support to UK businesses that have experienced disruptions to cashflow, as a direct result of the COVID-19 pandemic. However, only 47% of CBILS applications and 81% of BBLS applications have been approved to date.
The application deadline for CBILS, BBLS and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) is 30 November 2020. Demand for funding is extremely high, and businesses are encouraged to act sooner rather than later in assessing funding requirements in order to avoid being at the ‘back of the queue’.
Gambit has been assisting many businesses with their COVID-19 action plans and CBILS & CLBILS funder discussions, stress testing their forecasts and providing guidance on funding availability and how to approach funders for support.
The firm is proud to have maintained a 100% success rate of applications (against a wider market success rate of 50%).
Our dedicated Debt Advisory team is in regular direct contact with the British Business Bank, key industry bodies, mainstream funders and alternative finance providers to understand the latest guidance and financial support available, and more importantly how to access it.
If you would like to set up a call to discuss the most appropriate funding options available, please contact a member of the team.
Jason Evans, Head of Debt Advisory.