What can be done to help more businesses get CBILS | moneyfacts.co.uk

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 28/05/2020

The approval rate for businesses securing a loan under the Coronavirus Business Interruption Loans Scheme (CBILS) has remained at a 50% approval rate for the second week in a row. Data from HM Treasury shows that for the week to 24 May 2020 the approval rate was just below 51%, while Bounce Back loans have increased from 73% 17 May 2020 to 79% 24 May 2020.
While approval rates remain static the number of applications to CBILS also appears to be slowing. There were an additional 16,593 applications from 17 May 2020 to 10 May 2020, but only 3,483 between May 17 2020 and May 24 2020. The launch of Bounce Back loans on 5 May 2020 will account for some of this decline as businesses that need a loan of less than £50,000 switch from CBILS to Bounce Back.
The value of loans under CBILS given to businesses has increased to a total of £8.15 billion by 24 May 2020 compared to £18.49 billion of Bounce Back loans. In total British businesses have now received over £27 billion in loans and guarantees from the Government to support their cashflow during the Coronavirus crises.
The British Business Bank that manages these lending schemes has announced weekly new lenders to CBILS. The latest lenders to join are all regionally focussed, The FSE Group, FW Capital, Mercia Asset Management and Whiterock Finance. These lenders will support smaller businesses based in the north of England, the midlands and Northern Ireland.

How can business improve their chances?

It is hoped that approval rates for CBILS will increase as lenders that are new to scheme start to accept more applications. Those businesses that have struggled to find a lender for CBILS that will accept an application from them or those that have been rejected by a high street bank should consider speaking with an alternative lender under the scheme.
Our guide to CBILS contains more information about how businesses can improve their chances of being accepted. Those businesses looking for help with submitting a CBILS application of finding the right lender can also speak with a CBILS loans broker.


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