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2 ways we can help:
Coronavirus Business Interruption Loan Scheme (CBILS)
This loan provides financial support if your business has lost revenue and seeing your cash flow disrupted. It is a part of a wider package of Government support for UK businesses and employees. You can request a loan between 50K to £5 million.
The ‘Bounce Back’ loan scheme
This loan provides financial support for loans up to the value of £50,000, backed by a 100% Government guarantee.
CBILS Loan – How it works – How you can benefit
British Business Bank operates CBILS via its accredited lenders. There are over 40 of these lenders currently working to provide finance.
A lender can provide a loan up to £5 million.
The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments so, you benefit from no upfront costs and lower initial repayments.
To qualify your business must be UK-based in its business activity, have an annual turnover of no more than £45 million, have a business plan which the lender would consider viable, were it not for the COVID-19 pandemic, and believes will enable you to trade out of any short-term to medium-term difficulty.
Government lender guarantee
The Government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to SMEs. This is subject to pre-lender cap on claims. The borrower remains 100% liable for the debt.
The scheme, backed by the Government-owned British Business Bank, will be delivered through commercial lenders.
Bounce Back Loan – How it works – How you can benefit
Businesses can apply for a loan between £2,000 and 50,000, or 25% of your 2019 turnover, the Government will pay the interest for the first 12 months, with 100% backing.
The scheme is accessed using an online form , with most loans paid within 24 hours of approval. There will be no forward-looking eligibility test.
Government lender guarantee
Chancellor Rishi Sunak revealed the scheme following concerns that access to existing coronavirus rescue schemes was taking too long.
Previous loans, such as the Coronavirus Business Interruption Loan Scheme, were offered with only an 80% Government guarantee; that still exposes banks to 20% of the risk and has led to complaints that banks are not lending
.
The ‘bounce back’ loans scheme is intended to “bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
My business was stopped over night, we have done the best we can to cut costs and find ways to keep going, but with no income due to the lock-down we were in a desperate situation. wedo helped us secure a £135,000 loan which we have used to build an online presence supported by a marketing campaign. We saw our first sales come through on our first day of the launch and sales continue to grow.
Yes of course I am still worried about my business, but this loan has given us hope, some breathing space by providing the funds to create this second income.
If you are worried about your business and you need more time, time to help your business during this shutdown, we can help you, click on the links to get started and make your loan application today!
Loan between £2,000 & £5 Million – Nothing to pay for 12 Months – Low interest rate of 2.5% – No personal guarantees required for loans below £250,000.
FREE to apply
If we do not get you your loan you don’t pay anything, you win we win.
We provide full support including a business plan formation service.
The process for applying for this loan is similar to a traditional bank loan and requires a full business plan before being considered for a loan. We can help you with your business plan and your application if needed.
Get a decision if we can in 48 hrs
We understand securing funding may seem a bit daunting, and perhaps you are not even sure where to start. Well we want to reassure you, we do this day in day out, so you are in good hands, we will help and guide you every step of the way in a simple, no nonsense way so, you always know what is happening and are able to get the answers you want, when you want them.
Important: Due to the Covid 19 outbreak and in accordance to the most recent Government guidelines and to ensure the safety of our staff, our teams are carrying out their duties from home, we are still able to offer any help and support you may need and continue to offer all our business services. If you wish to speak to us please use the mobile number shown on this page. Thank you.
“Excellent support and service. Applying for a loan was so easy.”
James a restaurant owner first tried an online donation page to try and raise contributions to the £35,000 a month he needed to keep the business open.
“Our priority right now is to survive, it has been heart-breaking to see years of hard work go down the drain.
I saw wedo’s ad and just filled in the form online, not really expecting anything, but after a few calls and zoom meetings we got a business plan done, a survival plan, I was over the moon when we got the £200,000 loan we applied for.
We have used part of the money to set up an online click and collect delivery service and whilst it is not what we had we are covering most of our costs now and trust me from where we were a month ago it seems like a small miracle. Thanks, wedo”
OUR NO LOAN – NO FEE GUARANTEE
Wedo accounting charges 5% if your loan is successful, this small fee is payable ONLY if we get you your loan so, NO loan NO fee, you only pay us if we get you the money!
Questions? Get in touch for help or more information