The events of Monday, 23rd March 2020 were a lot to take in for the people of the UK. The seriousness of a pandemic the world faces due to Covid-19 effectively forces a collective decision that brings us together by – ironically – keeping us a safe distance apart. We’re practising the measures ourselves, and we hope you are doing the same.
But as we act, we also practise what we preach for the SMEs and small business owners affected nationwide. See below about our work with the Coronavirus Business Interruption Loan Scheme. Helping small business is what we do.
How is the Coronavirus Business Interruption Loan Scheme Helping Small Business?
One way we’re practising what we preach is in assisting with the everyday functions affected by the Coronavirus in the UK’s small business community. Not the least of those is the safe operating operations and capabilities that small businesses need to face in its wake. Already, we are seeing businesses evaluate and decide:
- Firstly: Are they work from home capable?
- Next: Do they have to make difficult, unanticipated decisions that affect capable personnel and resources?
- Additionally: Is working capital going to be available to help my business cope?
All tough questions; all with little time for a turnaround. However, concerning the latter question, TheCityBroker is here to help with guidance on the Coronavirus Business Interruption Loan Scheme (CBILS, for short).
Approach the CBILS rollout with a due diligence approach
Naturally, we’re receiving a lot of enquires regarding the CBILS, first announced by the British Business Bank. You hear regularly that the pandemic is fluid and evolving. In turn, the rollout of this funding mechanism for small businesses in the UK is, too.
- Firstly: We caution entrepreneurs and SMEs that the full details remain fluid and evolving.
- Additionally, much like the Enterprise Finance Guarantee Scheme (EFG), there will be a full credit assessment.
- As a result: It would be wise not to look at CBILS as an ‘instant’ process/fix.
Accordingly, now is a good time to think about a partner. Here at The City Broker, we’ll assist all firms and small businesses hit by the Pandemic and subsequent lockdown by helping them commit to the scheme’s due diligence. We’re an FCA accredited, and as such, all set up from home stations per GDPR and data protection compliance regulations.
To streamline your CBILS application, TheCityBroker is equipped and ready with the expertise to advise clients:
- Firstly, to understand what information they need to prepare,
- Secondly, on reviewing any business plans or funding proposals you may have already;
- Thirdly, we tap into a database of direct access portals to lenders and bankers that can help, and;
- Finally, to draft a lending proposal ready for submission – completely free of charge.
We are all working remotely, so please book a meeting online or just message me directly. We can arrange a Zoom conference call to discuss your requirements in more detail.