Commercial lenders have now approved more than £2.8 billion of financing to support businesses as part of the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS). This is according to the latest data published by UK Finance on 23 April.
Among nearly 50 approved lenders, with more being considered by the British Business Bank, more than 36,000 applications have been submitted, with 16,624 of those now approved.
But what has happened to the remaining 20,000 businesses that are so far unsuccessful? Or the many more that haven’t made the enquiry stage? What’s stopping them from getting the support they need and what are their options from here?
Understanding CBILS eligibility
The eligibility criteria begins clearly. Businesses are required to be based in the UK and have an annual turnover of no more than £45 million.
But the application process becomes more difficult when businesses are asked to submit a borrowing