Comment from Baldwins’ National Head of Banking & Finance on CBILS approvals

Commenting Martyn Shakespear, National Head of Banking & Finance, at Baldwins Accountancy, part of the Cogital Group, said: “Many of the issues surrounding CBILS approvals can be put down to practical issues that can be overcome, with the right understanding and approach. The scheme was set up quickly and many banks haven’t got the capacity in place to meet demand, although this appears to be improving. If applications are easy to approve, it makes all the difference. That means providing the right numbers and presenting them in a meaningful way that puts the business and loan risk in context, against the financial support the business really needs to see through the crisis and beyond. If a company has the understanding and expertise inhouse to do that then it is well placed. If it doesn’t then it is worth considering seeking advice from its professional advisor. It is vital that viable businesses have the cashflows to hand to pay rent, suppliers and staff, among other costs, so the timely receipt of funds is key and that means getting through the CBILS application process as seamlessly as possible.”