CBILS - anyone applied for one yet?
Discussion
Just about to apply through an off-highstreet lender (cant get through to Barclays at all!!), but they're asking for an upfront payment / application fee.
I understood there were no fees to be paid as the Government paid these (Business Interruption Payments?) - have I missed something ?
I understood there were no fees to be paid as the Government paid these (Business Interruption Payments?) - have I missed something ?
I have applied through Natwest, but went direct through my Business relationship manager. He has sorted it quickly. Initially, they said that they would give me a loan/overdraft under their normal lending terms, but came back to me on Thursday, saying that now the Government advice has changed, they will now provide me a loan under CBILS. Should be sorted this week or next.
I also applied through Barclays, about 2 weeks ago, and have only had a text from them, saying they have my application and working through a huge backlog.
I hadn't heard of anyone charging fees for this. I would avoid those intermediaries. The application forms are not that difficult to complete.
I also applied through Barclays, about 2 weeks ago, and have only had a text from them, saying they have my application and working through a huge backlog.
I hadn't heard of anyone charging fees for this. I would avoid those intermediaries. The application forms are not that difficult to complete.
Edited by alfabeat on Saturday 11th April 07:47
The APPG Banking is trying to keep some pressure on to make the scheme work as it thinks was intended, i.e. get lots of money out there fast
https://twitter.com/kevinhollinrake/status/1249234...
https://twitter.com/kevinhollinrake/status/1249234...
Just going through my application yesterday with my business relationship manager (I’ve got one despite only turning over £200k for some reason!)
Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
Regarding one of the earlier points on fees. Brokers will charge a fee as it's how they earn a living but no high street banks will pay them a commission on CIBL's, hence they will charge a fee. None of the high street banks are charging fees.
Now Funding Circle have joined the scheme, some brokers will potentially look to push business their way as they are usually faster than banks, but also pay commission. A few brokers I follow on LinkedIn were pretty excited on Monday when Funding Circle came online.
If you do go with a broker, take a look at whether they are members of the NACFB. Doesn't guarantee quality, but does mean they abide by certain guidelines.
N.B. full disclosure, I am not a broker but work for a bank (don't get involved in CIBL's applications).
Now Funding Circle have joined the scheme, some brokers will potentially look to push business their way as they are usually faster than banks, but also pay commission. A few brokers I follow on LinkedIn were pretty excited on Monday when Funding Circle came online.
If you do go with a broker, take a look at whether they are members of the NACFB. Doesn't guarantee quality, but does mean they abide by certain guidelines.
N.B. full disclosure, I am not a broker but work for a bank (don't get involved in CIBL's applications).
chrispmartha said:
Just going through my application yesterday with my business relationship manager (I’ve got one despite only turning over £200k for some reason!)
Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
The first 12 months is interest and capital free - i.e. you don't need to pay anything. However you can if you are able to.Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
This is the part of the scheme - it's not a Natwest thing. The banks have been given guidelines by the government on how to run this scheme. They are the access point to the government money, but being banks they are behaving as if it's their money and we (the lowly customer) should be grateful they are even picking up the phone.
RicksAlfas said:
chrispmartha said:
Just going through my application yesterday with my business relationship manager (I’ve got one despite only turning over £200k for some reason!)
Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
The first 12 months is interest and capital free - i.e. you don't need to pay anything. However you can if you are able to.Anyway I didn’t realise that with Natwest you do not repay anything for the first year, so if you get a £30k loan on a 3 year term you defer payments for the first year then pay the loan off over the last 2 years.
Whilst I can see the appeal in that isn’t that the banks just getting round the interest free period?
This is the part of the scheme - it's not a Natwest thing. The banks have been given guidelines by the government on how to run this scheme. They are the access point to the government money, but being banks they are behaving as if it's their money and we (the lowly customer) should be grateful they are even picking up the phone.
chrispmartha said:
Ah OK makes more sense, just wasn’t how it came across. The tone of the discussion seemed to basically him preparing me to get turned down to be honest.
Every question the bank has asked, we have answered. They have then replied with two more questions, and on it goes. They have even asked things like "when do you think sales will return to normal?".... 
I think they just like sitting on the money and don't really want to part with it.
Brief convo with HSBC yesterday. Want last two years accounts and a detailed cash flow forecast (pure guesswork at this point) and be prepared for some 'difficult' conversations.
I'm after £30k over 24 months, and am now thinking I might not even bother and try and tough it out. I can imagine the 'difficult' conversation might include we want to call in our overdraft facilities having seen a snapshot of your current business health. I have no reason to think that, I just don't trust them at all. Natwest tried to pull my overdraft overnight in 2008. I have no faith in HSBC at all.
I'm after £30k over 24 months, and am now thinking I might not even bother and try and tough it out. I can imagine the 'difficult' conversation might include we want to call in our overdraft facilities having seen a snapshot of your current business health. I have no reason to think that, I just don't trust them at all. Natwest tried to pull my overdraft overnight in 2008. I have no faith in HSBC at all.
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