Apply For A Second or Top Up CBILS: Government Backed Loans

Lets look at how to apply for a second or top up CBILS business loan. The government recently announced the extension of the Corona-virus Business Interruption Loan Scheme, the deadline is now 31st January 2021.

Last Updated: 17th November 2020

With the deadline extension and continuing restrictions on businesses, your business may need to access further funding under the scheme. There are a few options, depending on what government backed loans you already have.

The potential options are:

  • Refinance a Bounce Back Loan in to a larger CBILS facility
  • Take out a second or top up CBILS loan
  • Apply for a new CBILS if you have not yet accesses any funding

You can typically lend a maximum of 25% of turnover, based on 2019 accounts. However this will be subject to affordability and other underwriting criteria.

Read more about the government backed loan scheme here.

What Do I Need To Apply For A Sceond or Top-up CBILS?

You will likely need to provide:

  • A complete application form
  • Latest MI (Profit & Loss, Balance Sheet)
  • Latest filed financial accounts
  • Group accounts (if applicable)
  • Last 3 months bank statements
  • Details of other government support

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Speak to one of our funding experts today to see what your funding options are.

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The loan scheme is ran by the British Business Bank and may be subject to change. They also have strict eligibility criteria.