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How can I find out if I'm eligible for CBILS?

Sonovate is able to provide CBILS supported invoice funding to businesses that meet the following criteria:

  • Is a UK registered business
  • Generate over 50% of turnover from UK activity
  • Have a turnover of no more than £45m per year
  • Funding would have be viable prior to the impact of the Coronavirus

What documents do I need to apply for CBILS invoice finance?

No formal documents are required. However, to gain funding, Sonovate will apply our standard underwriting process.

How do I apply?

Please apply here

How long will my application take?

Up to 14 days

How will I get updates?

Sonovate will keep you informed of your application process via your dedicated point of contact.

What if I'm currently using existing Government support?

You can apply to use Sonovate’s CBILS facility, but would need to refinance the existing state support and provide evidence.

I’m an existing Sonovate customer, can I apply for CBILS funding?

In short, yes :)

You will need to self certify that you are not using or applying for other similar schemes, namely the Bounce Back Loan Scheme (“BBLS”), the Coronavirus Large Business Interruption Loan Scheme (“CLBILS”) or the Bank of England’s COVID Corporate Financing Facility (“CCFF”)

I’m new to Sonovate, can I apply for CBILS funding?

In short, yes :)

You will need to self certify that you are not using or applying for other similar schemes, namely the Bounce Back Loan Scheme (“BBLS”), the Coronavirus Large Business Interruption Loan Scheme (“CLBILS”) or the Bank of England’s COVID Corporate Financing Facility (“CCFF”)

What kind of CBILS funding can I get through Sonovate?

Invoice finance

CBILS invoice finance works in tandem with Sonovate’s standard invoice finance offering. This means no change to how you fund placements or consultancy engagements through your Sonovate account. We collect payment from the end client as normal.

What businesses are not eligible to fund under CBILS?

The following are not eligible under CBILS:

  • Banks, Insurers and Reinsurers (but not insurance brokers);
  • Public sector bodies and;
  • State funded primary and secondary schools

How much funding can I get through CBILS?

Up to £5m

How long can I fund through CBILS?

CBILS is available for 36 months when the facility is granted. The Government will pay the fees you owe to Sonovate on the CBILS funding for 12 months*

*Fee reclaim: up to 30% of the funded debt through CBILS.

How do I fund a contract or perm placement or consultancy engagement through CBILS?

Once the funding is underwritten, please follow Sonovate’s standard placement / funding process.

What kind of security will Sonovate take?

Sonovate will place a debenture on your business.

Who’s liable for the debt?

You, the borrower is 100% liable for the debt.

What if my client doesn’t pay or stops trading?

In the event of non-payment or a business ceasing to trade, Sonovate will follow our normal collection process. For more information, please visit help.sonovate.com

What happens when the CBILS scheme ends?

From the point of funding, you are eligible to use CBILS up to 36 months. At this point, Sonovate will review your facility, with a view to underwriting on our normal commercial terms and conditions.

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