The Coronavirus Business Interruption Loan Scheme is in high demand.
According to news stories, as of mid-April over 300,000 firms had made enquiries about accessing funds through the scheme. But only 6,020 had been drawn down. Whilst the coverage has been somewhat critical of the scheme, small business owners must be wondering how they maximise their chances of success.
A survey by the NACFB highlighted that small businesses were 33% more likely to be successful in raising critical funding through CBILS by going through a broker rather than approaching a lender directly. This is a substantial difference.
There could be many reasons for this. Chief amongst them is that brokers have experience in dealing with lenders. They know how to structure and present applications to them which they can therefore quickly and easily approve. And that extra value to an application, and the ability to progress an application quickly could make all the difference to a small business in the current climate.