CBILS for developer?

CBILS for developer?

13:52 PM, 17th June 2020, About 4 years ago 4

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Has anyone else heard of the Government’s CBILS scheme paying out to developers?

I spoke to a broker last week who was waiting for an announcement that CBILS was being widened out to cover developers too, but I haven’t heard of any developers getting one yet.

Many thanks Groover

Editor’s Notes: >>  .Gov guidance 

Eligibility

You can apply for a loan if your business:

  • is based in the UK
  • has an annual turnover of up to £45 million

You need to show that your business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by the coronavirus

If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.

Who cannot apply

Businesses from any sector can apply, except:

  • banks, insurers and reinsurers (but not insurance brokers)
  • public-sector bodies
  • state-funded primary and secondary schools

How to apply

There are over 50 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.

You’ll need to tell the lender:

  • the amount you’d like to borrow
  • what the money is for
  • how long you’d like to pay it back

Supporting documents

You’ll need to provide documents that show you can afford to repay the loan.

These may include:

  • management accounts
  • cash flow forecast
  • business plan
  • historic accounts
  • details of assets

The documents required will vary from lender to lender and depend on how much you’re asking for. If you’re asking your existing lender for a small loan, the process may be automated and not require all of the documents.

The lender will check that the loan is:

  • for a suitable business purpose
  • affordable for you
  • the right type of finance for your needs

The lender will decide whether to offer you a loan or another type of finance and you’ll be responsible for repaying 100% of the amount borrowed.

Find a lender


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Comments

Neil Patterson

13:56 PM, 17th June 2020, About 4 years ago

I have included the criteria above which is pretty open, but subject to business plan approval and an annual turnover of up to £45 million

Bill O'Dell

10:01 AM, 18th June 2020, About 4 years ago

I'm in the process at the moment and Brokers seem to be ignoring the cbil route and offering normal development finance with 0.75%/mth interest and no gov guarantee. Seems they keep building on obstacles. Commission must be low!

tony

15:00 PM, 18th June 2020, About 4 years ago

Hi All
I would like some advise regarding a hot water tank that the tenants have been leaving on 24/7 which I think has been costing too much in electricity,to heat the hot water in the property, the property only has electricity supply no gas.Now the hot water tank has developed a fault, which is it will not switch off at the max temperature and over heats, which is probably due to a broken thermostat, as the thermostat has been going on and off frequently due to the hot water tank being left on day and night. This is down to the tenants not turning the water off at all or using it more efficiently such as at night when the electric cost is cheaper,
Now it needs serious repairs or replacement, which I think should be al least partly paid for by the tenants due to there negligence and lack of consideration in saving electricity costs and to also save the environment, which they also have no regard for.Also the property is a small HMO 3beds, therefore I am the one thats been paying the bills.

Kabs

15:04 PM, 18th June 2020, About 4 years ago

I applied for CBILS in April for the development purpose after submitting various documents i was told it was only 25% of your turn over and than it was refused by TSB.

They told me to apply for the BBLs.

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