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
Speak to one of our funding experts today to see what your funding options are.
The loan scheme is ran by the British Business Bank and may be subject to change. They also have strict eligibility criteria.