Recent media coverage has highlighted the issues that businesses have had in accessing the CBILS, which defeats its purpose.
We are pleased to update you that banks ARE processing applications and that they HAVE changed both their approach to the loans and the speed at which they are dealing with them.
Maple has been assisting many clients, in various industries, with their applications and the information needed to support them. We have already had success for many of our clients with more currently progressing well. To date, we have assisted in applications of over £2.5m for our clients and some of these have already been accepted, with payments being received this week.
The applications made are to assist the companies in this challenging interim period, which has seen some businesses drop to a reduced rate of operations right to the extreme of having zero trade.
Working alongside our clients and their internal teams, some of the funding that has been sourced, completed, or is in throws of the final few steps include the following:
- A commercial vehicle repair company looking to secure £150k
- A fabrication company looking for £500k
- An events company seeking for support in the region of £250k
- An electrical switchgear company aiming for assistance in the region of £200k
- A logistics company securing funding of £750k
- A recruitment company receiving support in the region of £250k
All of the above are successful and profitable businesses and many have operated for numerous years. However, the need to look for this support has been forced upon them by the unprecedented circumstances UK businesses are finding themselves in.
In addition to the above, there are smaller loans going through the process as every business that has suffered, due to the situation we all find ourselves in, has the opportunity to apply, as long as it meets the requirements set by the British Business Bank (https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/ ) and also meets the approved lenders own requirements.
If you think that your business can benefit and meets the criteria, please get in touch, and we will do everything we can to assist with you obtaining the support you need.
In the first instance, please contact Scott Joy (email@example.com ) or call him on 07375 530801, who is overseeing the applications with the support of each of your client managers and their teams.