At Fleximize our mission has always been to champion the UK's small businesses, which is why we're proud to offer extra support to SMEs during this difficult time through the Coronavirus Business Interruption Loan Scheme (CBILS).
What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
CBILS is a new scheme designed to support UK SMEs during the Covid-19 outbreak. The scheme means accredited lenders can provide funding of up to £5m to small businesses who have had their cash flow negatively impacted by the pandemic.
As Fleximize is an accredited lender, new and existing customers will soon be able to apply for term loans of between £50,001 and £500,000 directly with us.
Applications for funding via CBILS will open shortly. To save you having to check back, you can leave your information in the form at the bottom of this page and we'll drop you an email when we're accepting applications.
Fleximize CBILS Loan
Fleximize will be offering a variation of its flexible business loan through CBILS. These loans have been made more affordable as there are no repayments for the first 12 months, any set-up fees are paid by the government and if you want to settle the loan early, there are no fees for early repayment.
Here are the key features of a Fleximize CBILS loan:
- You can borrow between £50,001 and £500,000 over a term of 12 to 48 months
- Fixed interest rate of 14.99%. You won't pay any interest for 12 months as the government pays this on your behalf, as well as any set up fees
- You won't have to provide a personal guarantee if you're borrowing under £250,000
- You can have access to your funding in as little as 48 hours
Fleximize CBILS Criteria
To be eligible to apply for a CBILS loan through Fleximize you need to meet the following criteria:
- Your business has at least six months' trading history
- Your business is a Limited Company or LLP registered in England or Wales
- Your business is UK-based with annual turnover of up to £45m
- Your business has been adversely impacted by the Coronavirus (Covid-19)
- Your Fleximize CBILS-backed loan will be used to support primarily trading in the UK
- Over 50% of your turnover must be from trading activity (i.e. not from investments)
The following sectors are not eligible to apply under CBILS:
- banks, insurers and reinsurers (but not insurance brokers)
- public sector bodies
- further educational establishments if they are grant funded
- state funded primary and secondary schools
Please note: As with any other commercial transaction, the borrower is always responsible for repayment of the full value of any facility supported by CBILS. If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.
How do I apply?
We're currently working behind the scenes to facilitate these loans as soon as we can. If you'd like to be notified of our current products and when we start accepting CBILS applications, please pop your details into the form below and we will let you know as soon as we're ready.
If your funding requirement is urgent, then we may be able to provide you with finance via our Flexible Business Loan product. Alternatively, if you're operating in an essential sector you may also be eligible for our Essential Sector Growth Loan, designed to give key businesses priority access to funding at favourable rates.
You can apply for either of our existing products by completing this form.
Additionally, we've created our Coronavirus Business Advice Hub to give SME owners the knowledge, resources and guidance they need to help keep their business trading, including an extensive guide to all of the financial and business support available to you at this time.
If you have any questions, drop us a line and a member of the team will be very happy to help.