APPLY FOR CBILS FUNDING

Frequently Asked Questions

Am I eligible for CBILS funding through MarketFinance?

You can apply for CBILS funding through MarketFinance if:



• You’re a Limited company or LLP registered in the UK
• You sell goods or services to other businesses (B2B), if applying for a CBILS revolving credit facility
• Your turnover is between £100,000 and £45 million
• You’ve filed a minimum of 2 years accounts at Companies House, if applying for a CBILS loan
• One or more of your company’s directors lives in the UK
• Neither the company nor any of its directors are currently facing any insolvency or bankruptcy procedures
• The company doesn’t have any unpaid CCJs worth more than £250 if applying for a CBILS loan or £2,000 if applying for a CBILS revolving credit facility
• Your application would’ve been viable (based on our normal eligibility criteria) even if there wasn’t a coronavirus pandemic
• The company has been impacted by the coronavirus pandemic

Can businesses in any sector apply for CBILS funding?

Almost all business in any sector can apply for CBILS funding as long as they’ve been impacted by the coronavirus pandemic.
Remember, we’re still offering our non-CBILS invoice finance which could be an option if your business isn’t eligible for these solutions through the CBILS. Click here to find out more.

What kind of CBILS funding can I get through MarketFinance?

Business loan

If you’re looking for an instant cash injection to get back on track, a straight up term loan could be the right option for you. You can get up to £150,000 (fee and interest-free for 12 months) and get on with running your business. You can choose to pay back your loan over 2 or 3 years and there’s no charge for early repayment.

Revolving credit facility

With cash flow already being squeezed, this is no time to be waiting out lengthy payment terms. With a revolving credit facility, you can get an advance against your outstanding invoices instead of having to wait for your debtors to pay. We’re offering facilities up to £5 million under this CBILS with the flexibility to choose between one-off use or a subscription. You won’t pay interest or fees on either of these options.

How much funding can I get through the CBILS?

You can apply for a CBILS business loan from £50,001 up to £150,000.You can apply for a CBILS revolving credit facility from £50,001 up to £5 million.

What interest rate is charged on CBILS funding?

For CBILS revolving credit facilities, we’ll charge an APR between 6.9% and 13%. For a CBILS loan, we’ll charge an APR between 1.92% and 6.34%. Remember, for both revolving credit facilities and loans, the government will pay this interest on your behalf for the first year.

Can I get both a CBILS revolving credit facility and a CBILS loan?

Yes, you can apply to get both as long as you don’t have a CBILS facility with any other lender.

I’m an existing MarketFinance customer. Can I apply for CBILS funding?

Yes! If you’re an invoice finance customer, you can apply for a CBILS loan. If you already have a MarketFinance business loan, you can apply to refinance your loan through the CBILS. However, you won’t be able to top up your existing loan with a new CBILS facility.

What documents do I need to apply for a CBILS loan?

• Bank statements from 01/11/2019
• Latest statutory accounts
• Management accounts for the year ending 31 December 2019, including P&L and balance sheet

What documents do I need to apply for CBILS revolving credit facility?

Any business applying for CBILS revolving credit facility will need to submit the following documents:



• Last 3 months’ bank statements
• Latest statutory accounts
• Management accounts for the year ending 31 December 2019, including P&L and balance sheet
  

If you’re applying for a CBILS revolving credit facility over £100,000, we may also ask you for a few extra documents. For example:



• Aged debtors report
• Aged creditors report
• Invoices, purchase orders or contracts
• HMRC information e.g. outstanding balances for VAT or PAYE

What kind of security will MarketFinance take?

If you’re applying for CBILS revolving credit facility, we may take a debenture. We won’t take a debenture for a CBILS loan. We may also take a Personal Guarantee if you’re applying for a CBILS revolving credit facility of £250,000 or more. For both loans or a revolving credit facility, we’ll need an individual with significant control of the business to be a homeowner. This is just to reduce fraud attempts; we won’t attempt to gain control of your property in the case of a default.

How do I apply for a CBILS loan?

Simply click here to start your application. You’ll need to answer a few questions about yourself and your business which should only take about 3 minutes. You’ll also need to submit the following documents, so make sure you have them on hand:



• Bank statements from 01/11/2019
• Latest statutory accounts
• Management accounts for the year ending 31 December 2019, including P&L and balance sheet

If approved, we’ll email you your offer with a link to accept it. You’ll be able to sign the required legal documents online straight away so we can advance your loan.

How do I apply for a CBILS revolving credit facility?

Simply click here to start your application. You’ll need to answer a few questions about yourself and your business which should only take about 3 minutes. You’ll also need to submit the following documents, so make sure you have them on hand:



• Last 3 months’ bank statements
• Latest statutory accounts
• Management accounts for the year ending 31 December 2019, including P&L and balance sheet

If you’re applying for a CBILS revolving credit facility facility over £100,000, we may also ask you for a few extra documents. For example:



• Aged debtors report
• Aged creditors report
• Invoices, purchase orders or contracts
• HMRC information e.g. outstanding balances for VAT or PAYE

If approved, we’ll email you your offer with a link to accept it and give you a call to answer any questions you may have. You’ll be able to sign the required legal documents online straight away so we can set up your facility and give you access to funds.

How long will I have to pay back my CBILS loan?

You can choose to pay back your loan over 2 or 3 years.

Can I settle my CBILS loan early?

Yes, you can settle your loan early at no extra charge.