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CBILS emergency loan scheme checklist

CBILS emergency loan scheme checklist

In normal times, Tom Gooder is helping business owners find the right funding partner to fuel their growth. In the fortnight since the Coronavirus Business Interruption Loan Scheme (CBILS) was announced, our head of business development has been advising firms whose sole focus is on survival.

After two weeks of non-stop calls with concerned entrepreneurs and contacts at the big High Street banks, we asked Tom, a former relationship manager with HSBC, to pause for breath and share his findings for the benefit of business leaders weighing up the potential of CBILS.

Tom has put together a checklist of information the banks will require to get any CBILS procedure moving forward:

CBILS Checklist

1. Latest filed company annual accounts (past three years)
2. Up-to-date management information since last filed annual accounts: P&L, Balance Sheet, Aged Debtor & Creditor listings
3. Some narrative on the impact Covid-19 is having on the cash flow of the business
4. Details of the actions the business has taken to reduce overheads
5. A cash flow forecast of any expected receipts and remaining overheads and supplier payments over the next six to 12 months
6. Consideration of any cash injection from shareholders
7. Completion of the directors asset and liability statement
8. Details of contracted work in place or approved pipeline of work
9. Up-to-date Know Your Customer (KYC) information

“Broadly, the banks are asking for the same information but they may assess it in different ways against their own credit risk appetite and balance sheet strength, which will also have an impact on the terms and pricing offered and therefore the costs to the client when the initial 12-month period ends,” Tom reports.

“The banks are looking to assess if you were a viable and well managed business before this crisis and if you are likely to be viable when we come through it.

“They want to know the business has taken action before they approached the bank; that they have minimised their costs going forward and that the bank is not being requested to pick up the full tab.”

For any business looking to borrow, it is important they put the right request to the bank – and this is where we can help. Harwood Hutton has a long-established and award-winning corporate finance team that can help you address the points in the CBILS checklist above and help build future plans and forecasts. If you would like our assistance, click here 

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