Recovery Loan Scheme

TML are delighted to announce we have been approved to be a partner for the Funding Circle Coronavirus Business Interruption Loan Scheme (CBILS), which allows applications for Government-backed business support loans. As an approved intermediary, we can make applications for loans up-to the value of £250,000. See below for key details and one key feature is that there are no repayments due for the first 12 months. In terms of supporting documentation and time to process, we understand it to be a faster and easier (in terms of supply less) than the current requirements of high street banks. To be eligible for the loan, your business needs to be UK based and turnover less than £45 million. Additionally, 50% of your turnover must come from trading activity (rather than investments for example). This is specifically for those who have been adversely affected by the coronavirus situation and businesses need to have at least three years trading history. Finally, the loan should primarily be taken for business purposes and activity in the UK. Benefits of the loans include: Borrow between £10,000 – £250,000 Loan period can be 2 – 5 years No repayments for 12 months Government pays interest for the first 12 months APR less than 9% No personal guarantee required No fee to take out of loan Decision within 24 hours As an approved intermediary for Funding Circle CBILS we will be able to help SMEs navigate the loan application process quickly and efficiently, by completing the application on their behalf. Our experience of working with Funding Circle and its systems, combined with our understanding of their requirements and processes mean we can ensure the applications we make are given the best possible opportunity to succeed. You can book an initial call to discuss your requirements and just to let you know, we will at some stage require the following information to proceed; Last two years’ accounts Last six months’ bank statements Basic finance application form GDPR consent forms For further information and/or to begin the application process, book a call with one of our finance experts here or contact us direct.