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Ten days ago, Hines Associates launched its partnership with Salamanca Group, a leading Merchant Banking business, to advise companies applying for the Coronavirus Business Interruption Loan Scheme (CBILS) supporting SMEs by providing access to finance facilities of up to £5 million for six years.
Now, the Government’s long-awaited launch of the Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides an opportunity for larger companies to access finance supported by the 80% Government guarantee. Lending facilities are available for up to three years with limits on the amount that can be borrowed (e.g. up to twice the company’s wage bill or 25% of prior year turnover).
Companies need to demonstrate that they have a history of profitability, explain how COVID-19 has impacted their business and project how their business is set to recover under various scenarios in order to repay the loan or other finance facility.
More than ever, we believe that early submission of a well-prepared application will be critical to success, particularly given the significant pressures under which accredited lenders under both CBILS and CLBILS schemes are operating.
More information on our service that will support companies seeking both CLBILS and CBILS – click here.
Richard Hines, Hines Associates’ Founder, comments Larger companies face more complex issues and will need extra resource and assistance to make their applications stand out from the crowd. There is lots of talk of 100% guarantees and hopes of easier money in the future. However, we think there is no substitute for preparing and getting your application in early to secure your place at the head of the queue.