Coronavirus Business Interruption Loan Scheme (CBILS).

Details about the Coronavirus Business Interruption Loan Scheme (CBILS).

As far as we understand it, all the major banks in Blackburn town centre are open, albeit they may have reduced trading hours and they are all operating strict social distancing measures to keep staff and customers safe.  Our BID Security Officer is providing assistance with maintaining this.

If you want to approach your business bank about the Coronavirus Business Interruption Loan Scheme (CBILS) or other support they can provide you at this time, the advice is to, if at all possible, first look at the bank’s website.

Some key points to note about the CBILs scheme:

  • Each lender has the authority to decide whether to offer you finance, and if it can do so on normal commercial terms without having to make use of the scheme, it will do so in accordance with the rules of the scheme.
  • In theory you can approach any lender within the scheme, however most seem to be prioritising their own customers.
  • If you do not meet the Bank’s normal commercial lending requirements, the lender can consider you for the government backed scheme (CBILS) and will look at whether you have a borrowing proposal which the lender:
  1. would consider viable, were it not for the COVID-19 pandemic
  2. believes will enable you to trade out of any short-term to medium-term difficulty

The advice is to make sure you have applied for all other forms of support you are eligible for, before then looking at the Coronavirus Business Interruption Loan Scheme (CBILS).

Many banks are offering other support too, e.g. loan repayment holidays or removal of interest from agreed overdrafts, so do check your business bank’s website for other support they can offer you.

Blackburn BID Manager Catherine Price has been contacting the Blackburn banks to try to establish what they are offering at this moment to assist.

Santander

Santander are offering overdrafts (subject to status) to support their customers with their working capital needs. You can apply for an overdraft and, where applications are unable to meet Santander’s normal lending requirements, will be considered for the Coronavirus Business Interruption Loan Scheme if eligible.

Business are advised to start the process by first visiting www.santander.co.uk/business to find out more about the support available and to apply.

If you require support of over £25,000 please contact Catherine and she will signpost you to Santander’s Business Relationship Manager who will assist you.

HSBC

All HSBC assistance is online by going to the HSBC website and selecting www.hsbc.co.uk/

After selecting the Business tab you can pick up the details under the Coronovirus heading of the full details of the assistance available from HSBC on various lending products and how to apply for that assistance.

Barclays Bank

You can find out information and if you are eligible here:

https://www.barclays.co.uk/business-banking/borrow/coronavirus-business-interruption-loan/

Lloyds Bank

Visit https://www.lloydsbank.com/business/coronavirus.html  for more information about the support available.

NatWest

You’ll need to apply for one of their loan products using the normal application process. Visithttps://www.business.natwest.com/business/support-centre/service-status/coronavirus.html#cbils or click on the Coronavirus Guidance on the NatWest home page, for more information about the support available.

Skipton Business Finance

For information about the support available visit:

https://www.skiptonbusinessfinance.co.uk/coronavirus-business-interruption-loan-scheme

Yorkshire Bank

Start your application online by completing the business lending enquiry form. If you need to speak to them about a new or existing application, please call them on 0800 032 3971 or contact your relationship manager.  Please be aware they are experiencing a high volume of calls at the moment.

For more information and to access the form visit https://secure.ybonline.co.uk/business/our-products/loans-and-finance/borrowing-facilities/business-loan/coronavirus-business-interruption-loan-scheme/

Free initial accountancy advice

Don’t forget BID member Beever and Struthers are offering Blackburn BID members initial free accountancy and business advice, so if you are struggling with any of the above, please contact them, using the access code for BID members. 

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