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CBILS – Up to date lending statistics and other delivery updates

20 May 2020

Loans on Ring Binder. Blured, Toned Image.

This piece is designed to accompany background information on CBILS at link and BBLS at link.

For our guidance on making an application to CBILS please see:

Latest Buisness bounce back loan scheme (BBLS), CBILS and the large business (CLBIS) statistics – 20 May 2020

This week’s statistics have come from the HM Treasury (HMT) who seem to have taken over the role of issuing the weekly statistics from UK Finance.

The percentage / absolute movement from the previous week is included in the brackets.

Cumulative value of approved facilities (£bn)Cumulative number of approved facilitiesCumulative number of applications
BBLS

14.18 (70%)

464,393 (73%)

581,516 (218k)

CBILS7.25 (19%) 40,564 (13%)

81,124 (16k)

CLBILS

0.59 (64%)

        86 (46%)

      496 (46)

Total

22.02 (48%)

505,048 (66%)

663,136 (228k)

Notes:

  • the applications figure includes approved applications, those applications that are still to be processed, applications that have been declined and those applications that may turn out not to be eligible or cases where customers will decide not to proceed
  • figures show cumulative applications and approvals up to close of business on 17 May 2020
  • these figures include data from BBB accredited lenders shared directly with HMT by close of business on 18 May 2020

CBILS and BBLS accredited lenders

Shawbrook Bank, MarketFinance, Bank Leumi and Capital on Tap have been added to list of CBILS accredited lenders bringing the total number of CBILS lenders joining a list of more than 60.

BBLS accredited lenders have increased to 16 (13) over the course of the week (these are mainly banks – a subject of another blog may the impact that BBLS may have on the alternative lending space…)

Following their approval, these new lenders will be putting in place the operations required to start lending under the scheme and will confirm shortly the dates from which they will be ready to start receiving Bounce Back Loan Scheme or CBILS applications from smaller businesses across the UK.

Of particular interest to some of my colleagues is Shawbrook Bank as they have specialism in property development finance – an area where a number of our clients are finding it difficult to utilise CBILS.

Changes to CLBILS

The Government announced on 19 May 2020 that the maximum loan available via CLBILS was increased to £200m from £50m (borrowing up to 25% of turnover). These will be available from w/c 25 May 2020.

These changes mean that companies that receive help through CLBILS will be asked to agree not to pay dividends, not to undertake any share buybacks and to exercise restraint on senior staff pay- borrowers cannot pay cash bonuses, or award pay rises to senior management (with a couple of caveats).

Caveats: bonus/award declared before CLBILS loan taken out; in keeping with similar payment in preceding 12 months; does not have a material impact on borrower’s ability to repay the loan).

PKF Francis Clark

This is where I would usually give an update of our CBILS statistics but I will defer this until I have had a ring round all of the PKF Francis Clark team who have assisted / are assisting clients with their applications.  We have actively worked on more than 50 applications and according to my statistics we are running at a success rate of 95%.

We have received positive feedback from clients and lenders on the submissions we have assisted with.  I will look to share more details in the next update.

I have not got involved in any BBLS applications as clients are handling these on their own (a few clients/ contacts have advised me that the process is very straightforward and time between application and receipt of funds can be 24 to 48 hours)…

 

 

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