Tracking how lenders are responding to CBILS Applications - ensuring transparency and spotting problems earlyPublished on 29th March 2020 2020-03-29T14:52:35+00:00 - Last update on 30th March 2020 2020-03-30T13:14:57+00:00
As we highlighted in our Open Letter to The Chancellor last week we’re hearing from the High Street Banks that they’re already swamped with applications and will not be able to deal with the large number of SMEs who will need to access the scheme.
Rangewell have had conference and video calls with our senior contacts at the High Street Banks and numerous other lenders over the last fortnight and every lender we have spoken to is putting immense effort and substantial resources into implementing the Coronavirus Business Interruption Lending Scheme (CBILS) as quickly and efficiently as possible.
We are updating our Full list of COVID Loan / CBILS Providers and their criteria as new information comes in and, from conversations to date, it is interesting that:
- Almost all lenders are being quite explicit they are only working with / prioritising current borrowers
- Some of the smaller lenders on the scheme have very limit resources and / or do not have capital to deploy.
We believe that most lenders will act responsibility but we also believe that a transparent and independent overview of how lenders are responding to CBILS applications will help identify problems quickly and inform government quickly of “issues on the ground”.
With this in mind we are asking businesses who have applied to the Coronavirus Business Interruption Lending Scheme (CBILS) for support to contribute to our anonymous survey HERE - we are keen to get positive feedback from all borrowers as well as from those who have experienced difficulties.
All information provided will be treated confidentially and not shared with anyone (unless you request otherwise) and the information provided will allow us to provide regular aggregated overviews of lender performance here and directly to The Treasury and other national and local government departments.
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