CBILs FAQ: Frequently Asked Questions About Coronavirus Business Interruption Loans

All you need to know about a CBILS loan from AskIf

AskIf offers CBILS loans in partnership with the British Business Bank. Since March, we’ve proudly helped many ambitious UK SMEs get back on track, overcome challenging conditions and even grow – in spite of the challenges caused by COVID-19 – could your business do with a helping hand this year? 

The CBILS is open to applications until the end of November, meaning there is still time for small businesses to access the funding they need. AskIf can provide loans from £50,000 to £100,000, with no upfront fees and the interest covered for the first 12 months by the government.

Still unsure if a CBILS loan is right for you? CBILS has seen a number of changes since it was launched in late March, so here – for our existing, new and potential customers – we present everything you need to know about Coronavirus Business Interruption Loans and if that doesn’t cover it email us at [email protected] and one of our team will be happy to answer your query. 

1. How do I know if I am eligible for CBILS?

To be eligible for a CBILS loan your business must…

  • Be a UK-based Limited Company 
  • Have been trading for a minimum of 12 months.
  • Have a borrowing proposal which, were it not for the current pandemic, would be considered viable
  • Self-certify that your business has been adversely impacted by COVID-19
2. Are all sectors eligible for the scheme?

Companies in all sectors are eligible EXCEPT 

  • Banks
  • Insurers and reinsurers 
  • Public-sector bodies
  • State-funded schools. 
3. If I have been rejected by my bank, should I apply for a CBILS loan with AskIf ?

Absolutely. We became frustrated by mainstream banks holding back the growth of small businesses due to inflexible rules and a focus on the past rather than on what’s ahead. This year we’ve heard from many SMEs that they are struggling to access COVID-19 support schemes through mainstream lenders and we are keen to help. 

Our underwriters focus on the future potential of the businesses we support and our application process combines real human interaction with robust data analytics. Get in touch, tell us your story and we’ll try to ensure your funding needs are met.  

4. How long does it take from application to funding?

Our target is to turn your application around in two to three weeks, but due to the volume of CBILS applications, it could take longer. Our lending managers will make sure you’re in the know throughout the whole process meaning there are no surprises.

5. What can I use my CBILS funding for?

Funding may be used for working capital, to maintain existing growth strategies or to implement new projects made possible in the current climate.

6. Can I have multiple CBILS facilities, and can a CBILS facility be used to refinance a BBILS loan?

A business may apply for multiple CBILS facilities up to a total of 25% of annual turnover. A company may have a facility under either the Bounce Back Loans Scheme (BBILS) or CBILS, but not both. However, we are able to refinance outstanding loans under BBLS with our CBILS facilities.

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