Please note the average time from application to receiving funds is 14 days. We can only provide funds to businesses that have been trading for 12 months or longer, and our minimum loan size is £50,000.
AskIf could provide a loan where others say ‘no’ including…
If your business is growing fast or has a shorter trading history (minimum 1 year).
If your business has strong cash flow but limited or no assets.
If as the business owner you aren’t a homeowner.
Our loan managers will guide you through the application to find the right finance for your business.
AskIf may provide credit to businesses provided:
a. One of the company directors is over 18 years of age
b. One of the company directors is a UK resident
c. It is a Limited Company or Social Enterprise*
d. It has (or will open) a business bank account
Most business sectors are eligible for support. The purpose of your business must be legal and ethical. We will not finance any business whose activity may bring us into disrepute.
Smaller businesses (SMEs) from all sectors can apply for the full amount of the CBILS facility.
To be eligible for a facility under CBILS, an SME must:
Be UK based in its business activity with annual turnover of no more than £45m
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 following are not eligible under CBILS:
Banks, insurers and reinsurers (but not insurance brokers),
Public sector bodies,
Further educational establishments if they are grant funded, and
State funded primary and secondary schools.
*Unfortunately, if you are a sole trader or partnership we can’t lend to you at this time but we hope to be able to provide this service in the future. Further details are available at https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/cbils-faqs-for-smes/