Coronavirus Business Interruption Loan Scheme

We’re now an accredited lender under the British Business Bank’s Coronavirus Business Interruption Loan Scheme and are able to process applications for term loans alongside new and existing Invoice Finance facilities, CBILS backed Asset Finance and CBILS backed Bridging Finance facilities.

Scroll down for more information on these facilities and how to submit applications.

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  • Invoice Finance
    + CBILS

    Quick online application form

    • Up to £5m Invoice Finance
    • CBILS loan £50,001-£500k
    • No interest or fees payable in first 12 months
    • Dedicated Relationship Manager
    • 3 months initial capital payment holiday

    Find out more
  • CBILS backed
    Asset Finance

    Applications via our broker portal

    • Up to £500k per asset / £1m per customer
    • Terms 1-5 years
    • No interest or fees payable in first 12 months
    • Hire purchase or leasing options
    • Dedicated broker desk

    Find out more
  • CBILS backed
    Bridging Finance

    Contact your Regional Director to get started

    • Up to £2.5m
    • 12 month term
    • No interest or lender-levied fees payable
    • Residential 1st charge
    • Up to 75% LTV

    Find out more
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What is CBILS?

The Coronavirus Business Interruption Loan Scheme, delivered through 90+ British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the COVID-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

The scheme provides Ultimate Finance with a government-backed guarantee to facilitate lending during a time when the borrower may not have passed ‘normal’ lending criteria thresholds. The Government guarantee is to Ultimate Finance (‘the lender’) and the borrower remains liable for 100% of any facility that may be provided.

For more information about the scheme, please visit the British Business Bank website here. You can also find answers to frequently asked questions through the British Business Bank’s FAQ here.

Invoice Finance + CBILS

We are now able to provide CBILS-backed term loans from £50,001 to £500k alongside invoice finance facilities of up to £5m, for both existing clients and new borrowers. Standalone loans will not be considered.

  • Your client is interested in applying for an Invoice Finance facility with us
  • Their application is for business purposes
  • They are a UK-based business with an annual turnover between £1.5m and £45m
  • Their business generates more than 50% of its turnover from trading activity
  • Their business has been adversely impacted as a direct consequence of COVID-19
  • Their CBILS-backed facility will be used to support primarily trading in the UK
  • They have a borrowing proposal which, were it not for the COVID-19 pandemic, would be considered viable, and for which the provision of finance will enable their business to trade out of any short-to-medium term difficulty
  • Their business is not an undertaking in difficulty*

Our full eligibility criteria can be found here.

*The State aid framework CBILS operates under requires that a business is not an “undertaking in difficulty” as at 31 December 2019 to be eligible – Please visit here for further information.

Apply online
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CBILS backed Asset Finance

We are now able to provide CBILS backed Asset Finance facilities from £10k to £1m (with a maximum of £500k per asset) with terms from 1 to 5 years.

We can offer Hire Purchase, Finance Lease, Sale and HP Back, and Sale and Lease Back facilities.

If your client meets the below criteria, please submit an application via our broker portal. If you haven’t registered as an Introducer, please do so here.

  • Available for hard assets only
  • Your client is a UK registered business with an annual turnover below £45m
  • Their business generates more than 50% of its turnover from trading or commercial activity in the UK
  • Their business has been adversely impacted as a direct consequence of COVID-19
  • They have a business proposition viable were it not for the impact of COVID-19, and EBITDA profitable at 31st December 2019
  • They are able to demonstrate affordability
  • Their business is not an undertaking in difficulty*

Our full eligibility criteria can be found here.

*The State aid framework CBILS operates under requires that a business is not an “undertaking in difficulty” as at 31 December 2019 to be eligible – Please visit here for further information.

Visit broker portal

CBILS backed Bridging Finance

Our CBILS Term Loan accreditation enables us to provide CBILS-backed Residential 1st charge Bridging Finance from £100k – £2.5m for a term of 12 months, with no interest or lender-levied fees payable and no early repayment charge beyond month 3.

To submit an application on behalf of your clients, simply get in touch with your dedicated Regional Director, or register as an Introducer today to get started.

  • Your client has experience of completing similar projects
  • They are a UK registered limited company with an annual Group turnover <£45m
  • They must generate or be expected to generate more than 50% of turnover from UK trading or commercial activity, including rental income or future property sales
  • The facility will be used to support trading in the UK for eligible business purposes
  • Their business has been negatively impacted by COVID-19
  • Their business proposition would be viable were it not for the impact of COVID-19
  • They are able to demonstrate a realistic and achievable exit plan to ensure repayment of the facility
  • Their business is not an undertaking in difficulty*

Our full eligibility criteria can be found here.

*The State aid framework CBILS operates under requires that a business is not an “undertaking in difficulty” as at 31 December 2019 to be eligible – Please visit here for further information.

Update: Due to high demand, we are unable to process any new applications for CBILS backed Bridging Finance facilities.

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FAQs

To submit an application on behalf of a client:
• For Invoice Finance + CBILS submit our online application form
• For CBILS backed Asset Finance submit the application via our online Broker Portal
• For CBILS backed Bridging Finance simply contact your dedicated Regional Director

Once an online application has been submitted, we will request the following information to process it:

Invoice Finance + CBILS

• A business plan
• Financial forecasts (12 months cashflow forecast and, for term loans above £100k only, 12 months P&L and balance sheet)
• Asset and liability statement
• Most recently filed statutory accounts / management accounts – both current and as of 31/12/2019
• Sales Ledger and Purchase Ledger – both current and as of 31/12/2019
• 6 months bank statements and access to Open Banking
• Background and history to the business
• Full explanation of COVID-19 impact

CBILS backed Asset Finance

• A business plan
• 12 months cashflow forecast
• Asset and liability statement
• Most recently filed statutory accounts / management accounts – both current and as of 31/12/2019
• 6 months bank statements and access to Open Banking
• Background and history to the business
• Full explanation of COVID-19 impact

CBILS backed Bridging Finance

• Asset and liability statement for the directors
• Background and history to the business
• 6 months bank statements and access to Open Banking
• Experience of the applicant and details of current portfolio
• Full explanation and self-certification of COVID-19 impact
• Assessment of the exit plan
• Full details of the asset(s) being financed

Invoice Finance + CBILS:
• A debenture
• A personal guarantee on the Invoice Finance facility
• No personal guarantees on facilities below £250,000
• Additional tangible security may be required for loans above £250,000

CBILS backed Asset Finance:
• The asset
• No personal guarantees on facilities below £250,000
• Additional tangible security may be required for funding above £250,000: Personal guarantees may still be required, at our discretion, but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied
• Deliver up indemnities

CBILS backed Bridging Finance
• 1st charge against the residential asset(s)
• No personal guarantees on facilities below £250,000
• Personal guarantee required for facilities above £250,000

The business is entitled to a Business Interruption Payment to cover payments of interest and other fees related to the CBILS facility in the first 12 months.  The business pays no fees to the Government.

For Invoice Finance + CBILS, the scheme does not cover any fees associated with the Invoice Finance facility.

For CBILS backed Bridging Finance, valuation, conveyancing and legal fees will apply.

  • We can provide CBILS term loans from £50,001-£500k alongside Invoice Finance facilities of up to £5m, for both existing clients and new borrowers.
  • CBILS backed Asset Finance facilities allow businesses to borrow between £10k and £1m (maximum £500k per asset).
  • CBILS backed Bridging Finance enables us to provide finance from £100k to £2.5m on residential 1st charges.

Invoice Finance + CBILS

The Invoice Finance is a revolving credit facility and the CBILS term loan is for a period of 1-3 years but with no early repayment charges.

CBILS backed Asset Finance

CBILS backed Asset Finance offers terms from 1 to 5 years, with no interest and fee payable in the first 12 months.

CBILS backed Bridging Finance

CBILS backed Bridging Finance offers terms up to 12 months with no interest or lender-levied fees payable.

We will be in touch within one working day of submitting an application.

For the Invoice Finance facility, we charge an ongoing service fee for the management of your ledger, and a discount fee (like an interest rate) for the cash we advance. Our fees are transparent and competitively priced with a risk-based approach, assessed on viability and performance as at 31st December 2019. We will not apply an annual minimum service fee on a new Invoice Finance facility when linked with a CBILS term loan.

Rates for the CBILS term loan begin at 1% per month, with no interest payable in the first 12 months and an initial 3 month holiday on capital repayments. There is no set-up fee and no early repayment charge on the CBILS term loan.

For CBILS backed Asset Finance, your client will pay a fixed interest charge which will be outlined in their agreement and is dependent on a variety of factors and in line with our risk-based approach. There will be no interest or set up fee payable in the first 12 months.

For CBILS backed Bridging Finance, there is no interest or lender-levied fees payable within the 12 months terms. The scheme does not cover valuation, conveyancing and legal fees.

Under the scheme rules, a business is able to access CBILS facilities of up to £5m subject to a maximum amount equating to either:
1. Double the 2019 wage bill;
2. 25% of 2019 turnover; or
3. Self-certification by the SME of its liquidity needs for the next 18 months

This can take the form of a single CBILS facility or multiple facilities, such as more than one CBILS Asset Finance facility or a combination of our CBILS product offerings including Invoice Finance, CBILS Term Loan and CBILS Asset Finance.

The Bounce Back Loan scheme is for loans of up to and including £50,000, subject to a maximum 25% of turnover, with a 100% government guarantee. The terms dictate 12 months of no interest or capital, followed by a maximum of 2.5% interest per year from year 2 onwards. The business remains 100% liable for the debt. Ultimate Finance is not accredited to provide Bounce Back Loans.

CBILS term loans have a minimum loan value of £50,001, with the other main difference being that the Lender only has a guarantee of 80% from the Government.

A business is not able to take out a Bounce Back Loan Scheme facility if they have been approved for a CBILS facility, and vice versa.

However, a business that has a CBILS facility can apply for a Bounce Back Loan Scheme facility if the Bounce Back Loan Scheme facility will refinance the CBILS facility in full.

The Ultimate way

We’re here to support you. We make every stage as straightforward as possible.

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Apply now

Use our online application form (Invoice Finance + CBILS), our online broker portal (Asset Finance), or get in touch with your Regional Director (Bridging Finance)

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We’ll set to work

And we’ll do it efficiently. We only ever ask for the essential information we need to get an offer in place – refer to our criteria sheets to view required documents for each facility

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Funds released

Once everything is approved your client just need to sign the paperwork. We’ll then complete the process by releasing the funds and making the facility live.

Contact us
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Our funding works the way you need it to

It’s why more and more businesses are choosing us as their funding partner of choice

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Resources

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the
Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or
regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders
can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS

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