Applying For CBILS – Our Six Step Guide

Growth Lending can now offer the government’s Coronavirus Business Interruption Loan Scheme (CBILS), which was established to provide capital to viable British companies that have been adversely affected by the Covid-19 pandemic.

Three CBILS products are available via the Growth Lending group: revolving credit facilities, invoice discounting and term loans. The group is made up of three lenders – BOOST&Co, GapCap and KX Media Capital, which are all able to tailor a facility to your needs.

We can provide funding from £100,000 to £5m to UK SMEs. The government guarantees 80% of each loan and covers interest and fees for the first 12 months.

You can click here to apply – but first, we’ve put together a six-step guide to the process for our existing and new customers, all of whom are eligible for CBILS.

1. Choose your CBILS facility

The three CBILS products available from Growth Lending are:

Revolving credit facilities

A flexible line of credit that unlocks funds tied up in your balance sheet and strengthens working capital

Funding amount: £100,000-£5m

Contract length: 2-3 years

Interest rate: 8%-14% p.a.

Security: first-ranking debenture, no personal guarantees

Invoice discounting

A facility against your sales ledger that boosts your cash flow position

Funding amount: £100,000-£5m

Contract length: 2-3 years

Interest rate: 8%-14% p.a.

Security: first-ranking debenture, no personal guarantees

Term loans

Designed to provide an extended funding runway and capital to achieve next-level growth

Funding amount: £750,000-£5m

Contract length: 3-5 years

Interest rate: 8%-14% p.a.

Security: first-ranking debenture, no personal guarantees

2. Apply via the Growth Lending website

First, we recommend that you read our five-step guide on how to prepare. This includes details of the documents you will need to submit.

Our online application form takes no longer than ten minutes to complete. You are able to sync your accounting software or manually upload the required documents.

When you’ve chosen your preferred CBILS facility, click to get started:

• Revolving credit facilities application form

• Invoice discounting application form

• Term loan application form

3. We’ll get in touch with you soon

Within 24 hours, our internal pre-vetting team will be in touch to confirm if you are eligible to move to due diligence.

4. Due diligence takes place

Once your eligibility has been confirmed, our underwriting team will complete the due diligence process. We may request further documents and answers to queries.

5. Terms are agreed

Upon approval of underwriting, we will release the commercial terms to be discussed and signed.

6. Funding is released

When the commercial terms have been agreed and signed, we will release funds to your account. Congratulations! Growth Lending is delighted to be providing CBILS facilities to help British businesses bounce back.