Posted May 29, 2020

CBILS Success: Sourcing The Right Lender For Your Business


It is no secret that COVID-19 has affected the UK economy substantially. With companies in many sectors having to pause or stop trading altogether, the financial impact has been felt by businesses everywhere.

During this time, we’ve been working continuously to support clients across the country with their CBILS applications.

What is CBILS?

Launched on the 23rd March, the Coronavirus Business Interruption Loan Scheme (CBILS) is part of the temporary, timely and targeted measures the government outlined to support businesses through the period of disruption caused by COVID-19. We had found previously that many businesses were struggling to navigate the CBILS application process.

Our CBILS process aims to simplify navigation, and has so far proven to be successful. One of our most recent CBILS completions has provided £165,000 for a client who operates an aromatherapy business.

What were the client’s objectives?

Like many businesses across the UK, the client’s company had been affected by the outbreak of the coronavirus and so they were seeking advice and financial support to help them start preparing for the future.

With the financial impact of the virus increasing each day, the client needed the money as quickly as possible.

What solutions did we offer?

Offering an integrated and consultative service, the Finance 4 Business Group were able to support the client in gaining access to the finance they needed.

Our strong relationships with lenders across the market allowed us to communicate with our contacts to gain insight into the market and source the correct lender. After discussions with the client’s usual bank, we understood that the client was likely to struggle with affordability and as such, needed to go elsewhere.

After sourcing an alternative lender with slightly different criteria for eligibility, we managed the application process carefully. The client slightly reduced the amount needed and we ensured that the application was in the best condition for the lender to evaluate.

We are pleased to say that the application was successful, with the client receiving the £165,000 they applied for this week. The whole process took place in less than a month and has allowed the business to maximise their success and continue trading as they prepare for their future.

How did we ensure success?

The strong relationships we have with lenders across the market allowed us to gain insights while streamlining the application process. This allowed timescales to be considerably reduced while ensuring that we achieved the client’s goals.

Revd. Dr. Bob Stephen from Penny Price Aromatherapy said:

“There aren’t many cold-calls that you want to take. That said, the call about CBILS was very welcome, offering money at a difficult time for business.

“The process was easy to manage and the response time much better than the banks or other lenders. As a company, we very much appreciated the ‘can-do’ approach and delivering solutions rather than obstacles.

Thank you to the whole team and everyone involved for making this difficult time easier.

Finance 4 Business

We understand that these are challenging times for businesses across the country, which is why we are committed to providing top-quality service and advice to any business that has been affected by the coronavirus pandemic.

If you have recently been financially impacted by COVID-19, contact one of our expert advisers today by calling 0330 202 1111.

There are no upfront charges, with fees applicable ONLY if you are successful with your CBILS application.