Information required for CBILS

We understand there are many businesses looking for CBILS funding at the moment. Lenders are being inundated with applications and are prioritising those with all required information. If you are interested in CBILS applications, please provide all the below in order to get your application out to lenders.

 

Documentation

  • Last 3 years full accounts with detailed P&L
  • Last 12 months business bank statements (Lloyds Bank usually need 6 months personal as well)
  • Up to date management accounts
  • Aged debtor and creditor lists
  • Confirmation of any outstanding debt (provider, term, repayment)
  • Statement of personal assets, liabilities, income and expenditure from all Directors
  • Home addresses of all directors/ shareholders
  • Paragraph on how Covid-19 has affected the business and what the funds will specifically be used for
  • 12 month cash flow forecasts

 

Questions

  • What is the purpose of the requested facility (short term cash flow/longer term cash injection) and how will the funds be specifically used to address the shortfall caused due to COVID-19?
  • Please provide details on the amount of the borrowing request and how this amount has been derived. eg. How much are you requesting and why?
  • Please explain how you have calculated the amount of the request, in what area of your business has the COVID 19 had its impact and how will the monies be used to help the business through this period of disruption. How do you feel the borrowing will support the longevity of the business?
  • On what basis has the amount been calculated? Has this been based on existing (pre virus) income and expenditure levels or future levels? If future, what assumptions are being used? Is it likely further borrowing at a later date will be required? 
  • When the Pandemic is over, how long do you think it will take your business to recover? What challenges do you expect to see e.g. future loss of contracts/staff availability?
  • What changes are the business making in the short and longer term to help drive business performance back to either pre virus levels or beyond?
  • What was your Annual Sales Turnover for 2019?
  • What was your Annual Wage Bill for 2019?
  • Please provide the current number of Employees
  • What are the costs you currently have to pay in regards to running the business e.g. staffing costs, business premises costs, stock and or/other debt costs and what are you doing to reduce these?
  • Please provide us with a list of any other loan and finance commitments currently outstanding, including monthly amounts being made for each of these commitments
  • What have you been able to access in terms of government schemes in response to Covid-19 (Grants/rates non-payment/VAT deferral/Time to pay arrangements)?