Over the last two weeks there have been several announcements made by the government regarding the support available for businesses during these difficult times.
Satellite Finance Limited want to try and help our customers in what is an unprecedented economic situation and so here is an update on the news we have received directly from the British Business Bank and lenders on our panel who are administering it.
Some good news
Media reports have said that the CBILS was not being used by the banks and lenders as it was intended. However, we have received assurances from lenders on our panel that they are processing applications alongside their normal eligibility criteria. They have advised that they will update their guidelines on the scheme more very soon. Several are able to offer funding on their normal commercial terms without utilising the scheme.
The British Business Bank have also stated that they are fast tracking accreditation for the CBILS, and new lenders will soon be available to the scheme. This has been confirmed by lenders on our panel.
We can help
The lenders that we know are already in the scheme have assured us that they are trying their best to get applications underwritten but as you can imagine with staff social distancing and the unprecedented demand then the process requires some patience. We are certain that as new lenders get accredited CBILS applications should become quicker to process and credit approvals much faster.
Through our accredited panel Satellite Finance are here to help you submit your application so check your eligibility with us and one of our experienced team will be in contact with you shortly to discuss your application and the further information we need.
Give yourself a new driving experience without the hefty price tag
The vehicle you want (and its fresh new vehicle smell) isn’t out of reach. It’s very much within reach, actually, with vehicle finance. In just a few clicks, you can fast-track your way to the four wheels you’ve already got your beady eyes on. business isn’t like every other one out there.
Satellite Finance offer two types of vehicle finance: car and commercial. Just click on the one you’re interested in to find out more.