Coronavirus Business Interruption Loan Scheme FAQs
What happens once I complete an expression of interest form?
Once you have completed an expression of interest form, a member of our team will be in touch to run through the application process and the next steps in much more detail. This is the perfect opportunity to ask questions and make sure you're fully happy with the loan application process.
How long does the application process take?
There is no set timescale for the application as every business case is different and some take longer compared to others. As a guide, in normal circumstances from enquiry to funds being deposited in your account it may take six weeks. However, during these unprecedented times we are prioritising based on individual need and will work as quickly as possible. However, it will still be at least two weeks considering all the work we need to do with you.
What do I need to provide?
In order to support your application, we require you to provide the following documentation:
• Proof of Address (Gas, Electric, Water, Council Tax)
• Photo ID (driving licence or passport)
• 3 Months Business Bank Statements (Current account)
• A Business plan and Cashflow Forecast
Is this a Loan and what are the terms?
Yes, you are currently applying for a business unsecured loan. This means that your business will be solely responsible for the loan repayments. You are not required to provide a personal guarantee for this loan.
As part of the scheme, you can borrow anything between £10,000 and £60,000 over a period of 6 years with no arrangement fees or early repayment fees. The government will cover the interest payments for the first 12 months. After the first 12 months the annual interest rate will return to the normal 17% per annum.
What can X-Forces Enterprise Offer?
X-Forces Enterprise can offer you a range of support through the application process and post application. During the application process, you will be assigned a business advisor who will be on hand to help with the planning process. They will be able to give feedback and pointers on your business plan and help guide you through the application for CBILS funding.
On completion of a successful application, we will provide 12 months free support. During this period a member of the team will be in regular contact to check in and make sure everything is going as expected with the business and provide you with as much support as we can. You've just got to ask.
Is this the best option for my business?
We are not providing financial advice. There are plenty of schemes available to support small businesses and we encourage you to do your research and test the market. You will need to find the right product and service for your business. Indeed your current bank may be the best place to start. We believe in this loan scheme because of the Government security being provided and the fact there are no costs to your business for 12 months. Meaning you get the cash now when you need it most.
If you have any further queries, please don't hesitate to contact us.
Click here to go back to CBILS Funding page.