Funding Submission Support

To help business during this COVID-19 pandemic the Government has introduced four funding schemes for businesses of varying size.

The Government Funding Schemes

Future Funding Scheme (GOVT)
Coronavirus Business Interruption Loan Scheme (GOVT)
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
COVID Corporate Financing Facility (CCFF)

HOW WE CAN HELP

Our understanding is that both banks and lenders have limited bandwidth/resource and so are focusing on well-prepared and credible funding requests which they can more easily present to credit committees.

We can help you to review your current funding options and future liquidity position, as well as help prepare your applications for the various loan schemes to maximise the chances of successfully securing your business loan.

Our support includes:

  1. An initial appraisal of your recent historical trading and current forecasts/ability to raise additional finance for headroom
  2. Support with preparing for discussions with lenders (including short and longer-term forecasts and impact on the business)
  3. Lender negotiations and progressing a transaction through to completion including;
    • Increasing current facilities
    • Relaxing current covenants
    • Negotiating capital and interest repayment holidays
    • New financing, including the government support loans where applicable

     4. Post COVID-19 general advisory support

If you would like further information about how we can support you with your funding claims or would like to discuss other financing options, please get in touch using the form below.

GET IN TOUCH

If you would like more information or to speak to a member of our team, please contact us today .

Additional Information

FUTURE FUND SCHEME

This is intended for start-up businesses and VC-backed or EIS-funded Businesses.  It will issue convertible loans between £125,000 to £5 million to innovative business facing financing difficulties due to the coronavirus outbreak.

These convertible loans may be a suitable option for those businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme (CBILS). Further details can be found here .

CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (CBILS)

This scheme is intended to provide banks and funds with an 80% government guarantee on loans of up to £5m, to give lenders further confidence in continuing to provide finance to small and medium-sized businesses.

Personal guarantees for lends below £250,000 and the pre-requisite to apply for commercial financing first have now been removed. Personal Guarantees for loans above £250,000 are at the funders discretion, but shouldn’t include Principal Private Residence (PPR) and should be capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied. Further detail on these changes can be found here .

CORONAVIRUS LARGE BUSINESS INTERRUPTION LOAN SCHEME (CLBILS)

The reviewed scheme will give government-guaranteed loans of 80% up to £25m to businesses with revenues between £45m and £250m, and up to £50m for businesses with turnover of over £250m.

Personal guarantees will not be taken for facilities below £250,000. For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.

Further details can be found here .

COVID CORPORATE FINANCING FACILITY

This scheme is intended to support larger businesses with the Bank of England stating it will buy Commercial Paper issued by investment-grade companies

As well as the improvements to the original CBILS scheme, a new Coronavirus Large Business Interruption Loan Scheme (CLBILS) will now be offered.

The reviewed scheme will give government-guaranteed loans of 80% up to £25m to businesses with revenues between £45m and £250m, and up to £50m for businesses with turnover of over £250m.

Personal guarantees will not be taken for facilities below £250,000. For facilities above £250,000, personal guarantees may still be required, but claims cannot exceed 20% of losses after all other recoveries have been applied.

Further details can be found here .

In all instances, the borrower remains 100% liable for the debt.

GET IN TOUCH

If you would like more information or to speak to a member of our team, please contact us today .

Want to know more?

pages

Lights motion blue red pink header darker.jpg

Covid-19 - Government Support & Advice

The Government is issuing a continuous flow of information and guidance for employers, employees and businesses on how to deal with the impact of Covid-19. Here, we summarise the most up to date, key information issued to help protect you and your business.