WE CAN OFFER CBILS LOANS FROM £50,001 – £100,000 TO BUSINESSES THAT HAVE BEEN TRADING FOR A MINIMUM OF 12 MONTHS.
AskIf is making CBILS easy and approachable for UK businesses, delivering on our core mission to make a social impact and help small businesses survive and thrive.
AskIf’s underwriting process is geared towards a true assessment of affordability and a full view of business circumstances. This approach is perfect for helping UK businesses in need of financial support who may be unable to secure finance from mainstream banks.
As with any AskIf small business loan, a lending manager will support you through the application process, talk through your needs and help you through data gaps which may bring approval closer.
CBILS is available through the British Business Bank’s accredited lenders and partners, these are listed on the British Business Bank website. Businesses should approach their own provider, ideally via the lender’s website.
Businesses may also consider approaching other lenders if they are unable to access the finance they need. Not every accredited lender can provide every type of finance available under CBILS.
Decision-making on whether a small business is eligible for CBILS is fully delegated to the accredited CBILS lenders. These lenders range from high-street banks, to challenger banks, asset-based lenders and smaller specialist local lenders.
Full details can be found
New Scheme Features
CBILS supports a wide range of business finance products, including:
- Term loans
- Asset finance
- Invoice finance
Not every lender can provide every type of finance listed. AskIf provides Term Loans only
AskIf can provide a CBILS loans from £50,001 to £100,000 on repayment terms of up to three years.
- No personal guarantees are required.
- The Government will pay interest for the first 12 months.
- 12 month Capital Repayment Holiday.
- There is no fee for SMEs to access the scheme.
- The borrower always remains 100% liable for the debt.
To be eligible for an AskIf facility under CBILS, 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 it has been ad hi versely impacted by the Covid-19.
How does a small business apply for a CBILS-supported facility?
The scheme can provide facilities of up to £5m for UK smaller businesses who are experiencing increased costs or disruptions to their cash flow. AskIf provides Term Loans of between £50 and £100k.
The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. SMEs from all sectors can apply for the full amount of the facility.
- A UK-based small business that is experiencing lost or deferred revenues, leading to disruptions to their cash flow, needs funding.
- The business must have a borrowing proposal which, were it not for the COVID-19 pandemic, would be considered viable by the lender, and for which the lender believes the provision of finance will enable the business to trade out of any short-to-medium term difficulty.
- The government, operating through the British Business Bank, guarantees 80% of the facility balance to the lender, which may enable a ‘no’ credit decision to become a ‘yes’.
- The lender, using the Coronavirus Business Interruption Loan Scheme, can now offer the finance facility requested, providing all other lending criteria can be met. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
- The business now has the finance it needs to sustain its operations during this period of uncertainty. The business remains liable for paying 100% of the outstanding facility.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. Full details can be found at: