Development funds stuck in queue – Is CBILS funding available?

by Readers Question

9:25 AM, 8th April 2020
About 2 months ago

Development funds stuck in queue – Is CBILS funding available?

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Development funds stuck in queue – Is CBILS funding available?

I am in the midst of a development of a pair of semi-detached houses in South London. I am more-than half-way though the build. Labour and materials continue to find their way to site, so, the show continues. My builder and his contractors seem happy to be working. They appear to be following the social-distancing rule.

My issue is that, although the site continues to be developed and my builder will naturally require paying, my allocated funds for this project are ‘stuck’ in a queue (alongside many other people’s funds) at the capital provider’s platform. Until such time liquidity returns to the platform, my funds are being returned in very small amounts; far from the amounts I need to meet my invoices.

Does anyone have any knowledge and/or first-hand information on whether or not I am able to access temporary borrowing to pay my invoices through the CBILS? This borrowing would only be until such time my full requested funds are received by me.

Any thoughts or advice?

Many thanks

Marinus



Comments

Sachin Patel

16:29 PM, 11th April 2020
About 2 months ago

Hi Marinus. My bank Lloyds told me that developers are specifically excluded from the CBILs scheme. So it looks like no. However it wouldn’t hurt to try a couple of banks if you go to: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/
and filter by loan type you can see which lenders may assist. Let me know if you have any luck.


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