Prepare for applying for finance during COVID-19
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Are you considering applying for the COVID-19 Business Interruption Loan Scheme (CBILS) through the ABF comparison platform?
Make sure you follow the steps below:
1. Read the guidance
For businesses thinking of applying for the new COVID-19 Business Interruption Loan Scheme (CBILS), please make sure you thoroughly read the guidance in this document – by using the ABF platform to manage your application we can save you time and effort as we know exactly what different funders require.
Be open to all funding opportunities during this time.
Incomplete applications slow down the speed of processing, if you are stuck ABF can help you manage your way through this situation. And remember, not everyone is eligible for the CBILS, but that doesn’t mean that funding can’t be found for your business.
2. Get prepared to explain your situation fully
Making an application means you are going to have to get a bunch of information together to maximise the effect of your submission. It is mostly basic stuff that you will know, such as:
- How the virus has affected your business
- What steps you have taken to try and safeguard your business (reduced hours, cost cuts, Furloughed staff)
- What other forms of government help you have applied for / not been able to apply for
3. Get prepared to provide information
Funders will require some up to date information from you to be able to process your application:
- You will need to provide a minimum of 12 months forecasts showing the impact on your business. This will be used to explain the amount of loan you are requesting and needs to take into account the other measures you have taken, such as: deferring VAT payments, loan and asset finance payment holidays, rent breaks, employee retention scheme (furlough) help, new shareholder capital introduced, extra terms from suppliers… - anything and everything you have done
- You will need to support this by providing your P&L, balance sheet and cash flows projections. Ask your lender exactly what they want to see
- You will need to provide recent trading financials
- You will need to provide up to date management figures to show how your business was trading until affected by the pandemic
Just remember that any loan you receive must be fully repaid by the end of the term requested, so please apply for a realistic amount and term.
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