Coronavirus Business Interruption Loans

Businesses needing finance to work through the current crisis probably do NOT need to use brokers like me. Advice from the British Business Bank is for SME’s to approach lenders direct.

Most businesses should be able to do it themselves. Any third party such as a broker offering to help should be approached with caution and if they mention fees, HANG UP

There are over 40 accredited lenders. (I will happily confirm whether or not a lender is suitably accredited.)

Fundamental to the application is the ability to demonstrate the business was a viable entity prior to the outbreak.

Thereafter, the lender will require a level of information, pretty much as would be expected, to include accounts, both certified and management, forecasts, copy bank statements, etc etc.

Actual requirements will vary from lender to lender, likewise the nature of the funding itself can be in the form of a term loan, overdraft, invoice or asset finance.