A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
The Banks’ Advice
By having connections with local Banks, we are able to share a summary of what Banks require from you to access this lending:
- Background to the level of impact the virus is having on performance of the business.
- Measures being taken by you and the business to ensure there is adequate cash flow in the business.
- Term / structure of requested repayment holiday under criteria stated above.
- Your other lenders’ positions, are we your only funder and if other lenders are in place what is there approach and agreement with you.
- What other funding options are in place for you.
- We need your latest Management Information, Accounts & Forecasts for the business
At Dunkley’s, we can help put this together for you and work alongside the Bank to support your application.
We are ready to help accelerate getting your figures done so that you can make the most of what’s needed in these interesting changing times.
Call your Client Partner today on 01454 619900 to see how we can help plan for what is ahead.