How does our CBILS Application Service Work?

Moorgate Finance are an approved CBILS loan and asset finance broker, with multiple accredited lenders. By choosing Moorgate Finance, we will work with you to put together an application package to submit to CBILS lenders that will meet your funding requirements.

You will be allocated one of our expert CBILS account managers, who will work with you throughout the process to prepare all specific elements of your CBILS application.

1
Step One

Customer approaches Moorgate Finance with funding requirements

2
Step Two

Our specialist Account Manager requests relevant information from customer

3
Step Three

Account Manager sends off proposal to CBILS lenders

4
Step Four

Lender decides if customer qualifies for CBILS. If accepted, Moorgate Finance will discuss offer with customer

5
Step Five

Customer agrees loan term. Customer receives loan agreements, signs and returns

6
Step 6

Payment is released to the customer by the lender on receipt of completed documents

How Does CBILS Work?

British Business Bank operates CBILS via its accredited lenders. There are over 100 of these lenders currently working to provide finance. They include:

2

high-street banks

1

challenger banks

3

asset-based lenders

4

smaller specialist local lenders

How much can you borrow?

The maximum value of a facility provided under the scheme is £5 million, available on repayment terms of up to six years.

A lender can provide up to £5 million in the form of:

Loan

loans

Assets

asset finance

overdraft

overdrafts

invoice

invoice finance

  • CBILS gives the lender a government-backed guarantee for the loan repayments to encourage more lending.
  • The borrower remains fully liable for the debt.
  • Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.
  • With some lenders there are no penalties for settling early.
  • For facilities above £250,000, personal guarantees may still be required, at a lender’s discretion.

Who is eligible?

Your business must:

  • Be UK-based in its business activity
  • Have an annual turnover of no more than £45 million
  • Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
  • Self-certify that it has been adversely impacted by the coronavirus (COVID-19)
  • Not been classed as a “business in difficulty”, if applying to borrow £30,000 or more

Key features of the scheme

The maximum value of a facility provided under the scheme is £5 million, available on repayment terms of up to six years.

The scheme provides the lender with a government-backed, partial guarantee against the outstanding balance of the finance.

The borrower remains 100% liable for the debt.

The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.

For term loans and asset finance facilities: up to six years.

For overdrafts and invoice finance facilities: up to three years.

Insufficient security is no longer a condition to access the scheme.

For all facilities, including those over £250,000, CBILS can now support lending to smaller businesses even where a lender considers there to be sufficient security, making more smaller businesses eligible to receive the Business Interruption Payment.

No personal guarantees for facilities under £250,000.

Personal guarantees may still be required, at a lender’s discretion, for facilities above £250,000, but they exclude the Principal Private Residence (PPR) and recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied.

There are no guarantee fees for SMEs. Lenders pay a fee to access the scheme.

Apply Now

Simply fill in some basic details below and one of our CBILS specialists will be in touch to discuss your proposal.

    Has the business been adversely impacted by Coronavirus?*

    How long has your business been trading?*

    Are you a UK based SME with annual turnover of up to £45million?*

    Are you a Sole Trader*

    I would like to receive updates from Moorgate Finance on the products and services they offer.