Paul Fazakerley, Managing Director, InterBay Asset Finance December CBILS update

CBILS extension update

Over the course of the past few months we’ve been talking a lot regarding the Coronavirus Business Interruption Loan Scheme (CBILS), and now, with the deadline having been extended until the end of January, I thought it was more important than ever to provide an update.

The CBIL scheme was launched on 23 March 2020, in order to support small and medium-sized businesses that were losing revenue and seeing their cash flow disrupted due to the Covid-19 outbreak. HM Treasury (HMT) started publishing management information on 10 May and, between then and their most recent update on 15 November 2020, they’ve seen the number of applications rise from 64,531 to 173,556, lending increase from £6.09bn to £18.46bn over the period, and have supported an incredible 77,909 businesses.

Here at InterBay Asset Finance, we’ve processed a staggering number of applications and we don’t see that easing up over the next month. As mentioned earlier, the deadline has been extended to 31 January 2021 and if you’ve not started an application for the CBIL scheme by the end of the day on 31 January 2021, you won’t be eligible for CBILS financing.

During this challenging time, we see many businesses being driven by entrepreneurs with the emotional commitment, creativity and determination to innovate and succeed. Here at InterBay Asset Finance, our team is doing everything they can to support, finance, and help our brokers and businesses and want to see every business that meets the eligibility criteria benefit from this excellent scheme.

The below graph details the CBILS statistics published by HMT.

Coronavirus Business Interruption Loan Scheme (CBILS)1

Data up to close of business

Value of Facilities Approved

Number of Facilities Approved

Total Number of Applications

10 May

£6.09bn

35,919

64,531

17 May

£7.25bn

40,564

81,124

24 May

£8.15bn

43,045

84,607

31 May

£8.92bn

45,843

89,724

7 June

£9.56bn

47,650

93,305

14 June

£10.11bn

49,247

96,492

21 June

£10.53bn

50,482

98,975

28 June

£11.07bn

52,275

104,569

5 July

£11.49bn

53,536

107,309

12 July

£11.85bn

54,538

109,235

19 July

£12.20bn

55,674

112,212

26 July

£12.65bn

57,234

115,941

2 August

£13.08bn

58,595

119,248

9 August

£13.41bn

59,520

121,669

16 August

£13.68bn

60,409

122,885

20 September

£15.45bn

66,585

142,076

18 October

£17.16bn

73,094

159,277

15 November

£18.46bn

77,909

173,556