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How does CBILS work?
#1
How do you access finance through the Coronavirus Business Interruption loan scheme? Are all major banks providing finance and what's been social enterprises general success rate in accessing support through this scheme?
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#2
Hi Shehan :-)

Fuse applied for a CBILS through NatWest. really disappointing, profiteering rates were quoted (7.5% compared to usual bank loan rates of 3-5%). Almost 3 weeks later, no responses at all despite regular chasing.
Then the BBLS was announced. The rates are much better (2.5%, no personal guarantees), and the comms so far have been better too, although no advice on how long it will take to get a final decision.
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#3
(05-05-2020, 07:46 AM)Matt - Fuse Events Wrote: Hi Shehan :-)

Fuse applied for a CBILS through NatWest. really disappointing, profiteering rates were quoted (7.5% compared to usual bank loan rates of 3-5%). Almost 3 weeks later, no responses at all despite regular chasing.
Then the BBLS was announced. The rates are much better (2.5%, no personal guarantees), and the comms so far have been better too, although no advice on how long it will take to get a final decision.

This is really useful information. Thanks  Smile
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#4
FuseRose Wrote:
Matt - Fuse Events Wrote:Hi Shehan :-)

Fuse applied for a CBILS through NatWest. really disappointing, profiteering rates were quoted (7.5% compared to usual bank loan rates of 3-5%). Almost 3 weeks later, no responses at all despite regular chasing.
Then the BBLS was announced. The rates are much better (2.5%, no personal guarantees), and the comms so far have been better too, although no advice on how long it will take to get a final decision.

This is really useful information. Thanks  Smile

Hi Matt for BBLs the money should only take 24 hours to reach you if approved. CBILs is now available specifically for social enterprises (subject to eligibility so it still might not work) via Social Investment Business Resilience and Recovery Loan Fund but you are right BBLs are the cheapest and quickest form of finance. I know a couple of social enterprises who have applied and been successful. Looking for information if this isn't the case so do get in touch if anything lese to add. Mel
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