Coronavirus Business Interruption Loan Scheme (CBILS) applications
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How to package your CBILS loan application
Banks are currently receiving tens of thousands of applications so it’s essential that your application is concise & well presented. Lots of needless attachments or missing vital information will see your application overtaken by better presented cases.
We have collated feedback from each of the active banks on what they would like to see from borrowers submitting CBILS applications. Please find below some hopefully helpful information without any expectation or obligation.
There will no doubt be more information required depending on your circumstances, but this is the initial list of documents required.
Hopefully this helps you accelerate the process:
6 months personal bank statements for each named director + 20%+ shareholders.
6 months business bank statements for borrowing entity.
Management accounts ytd (inc. breakdown of salaries) for borrowing entity.
3 years full unaudited accounts for borrowing entity.
24 months financial projections (showing the servicing of rolled up payments) in excel.
Company profile document (strategy / market conditions / social impact).
Management team (CV’s and Statement of Assets, Liabilities, Income & Expenditure).
Security proposed (Company Debenture/Bond & Floating charge, Property security & any historic valuations / NAV commentary / asset cover etc.).
Serviceability calculations (DSCR inc. sensitised interest rates) to prove you could (prior to the pandemic) have been able to service the loan. Assume a 15-year loan at 6% to be realistic.
COVID impact & CBILS viability statement (how is your business impacted? When will the pressure ease?).
COVID recovery statement (what are you doing now to ensure your business recovers?).
Alternative options review (have you already used furlough, rate relief, time to pay at HMRC).
Your loan requirement – Set this out in a very simple set of bullet points; Loan sum, loan purpose, borrowing entity name, loan term, security offered & repayment plan.
If we can be of assistance to connect you with the best contact in a bank, then let us know.
If you require some free advice on this or any other banking / finance matters (such a breach of covenants) then please contact me on Jamie@ConduitFinance.com or 07919 863 034.
My colleagues are also available if I am not able to respond quickly;
Jason 0741 100 2245 Jason@ConduitFinance.com Corporate Finance & PE Fergus 0791 734 0961 Fergus@ConduitFinance.com SME & SPV Property Finance Debt
Regards,
Jamie Davidson Managing Director