CBILS Finance from the STAR Asset Finance Group

The STAR Asset Finance Group is one of the largest independent asset finance companies in the UK, made up of:

  • Kennet Equipment Leasing Limited
  • Credo Holdings Limited
  • Ignition Credit PLC
  • First Capital Finance Limited. 

The Coronavirus Business Interruption Scheme (CBILS) is a Government-backed scheme designed to support SMEs and to help them access finance to help them through this unprecedented time.

The STAR Asset Finance Group has been accredited as a CBILS lender by the British Business Bank which enables us to provide facilities of up to £1m to SMEs if you’ve experienced lost or deferred revenues, leading to disruptions in your cash flow.

Under the CBILS scheme we can offer a range of business finance options, including;

  • Hire Purchase
  • Finance Lease
  • Sale and HP back
  • Sale and Leaseback.

CBILS Key Facts

  • Advances between £1,000 and £1m
  • First 12 months are interest-free and fee-free.
  • Repayment terms up to six years.
  • We’ll consider refinancing debt from another lender if it improves your cash flow. 
  • No personal guarantee required below £250k.
  • We will accept applications from new or existing customers.

How can I check whether I’m eligible for CBILS support?

If you can answer “yes” to all of the following questions, you may be eligible for CBILS. All decisions are subject to credit decision:

  • Is your enquiry for finance as a result of being impacted by coronavirus?
  • Are you a small or medium-sized enterprise with a turnover of less than £45m?
  • Does, or will, your business generate 50% or more of its income from trading activity?
  • Is your business based in the UK, and will the loan be used to support trading in the UK?
  • Is the main reason for seeking finance to support investment, increase working capital, fund business growth or acquisitions?
  • Are you applying for finance in Pound sterling (GBP)?
  • You have read and understood the viability and affordability criteria associated with this scheme in the CBILS LOAN FAQSand can confirm you are in a position to proceed with the application?

Are there any restrictions to which businesses can apply for CBILS?

  • Under the scheme, the Government provides a guarantee to the lender. It’s important to note that you remain liable for 100% of the outstanding debt. Where defaults occur, we follow our standard commercial recovery procedures, including the realisation of security, before we make a claim against the Government guarantee for any shortfall. 

Businesses from the following sectors cannot apply:

  • Banks, Insurers and Reinsurers (but not Insurance Brokers), Public-sector bodies, Further-education establishments if they are grant funded, State Funded Primary and Secondary School
  • Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.
  • CBILS advances of £30,000 and above, are only available to borrowers who are not an “Undertaking in Difficulty” as at 31 December 2019 under Article 2 (18) of the Commission Regulation (EU) No 651/2014 (17 June 2014), examples of which are:
  • businesses that have accumulated losses greater than half of their subscribed share capital, or
  • businesses that entered into collective insolvency proceedings or fulfilled the criteria to be put into collective insolvency proceedings, or
  • businesses that have previously received rescue aid that is yet to be reimbursed or restructuring aid and are still under a restructuring plan.

Getting started with your CBILS application

To start your application, simply complete the form below and one of our team will be in touch within 24 hours. You can make this process even quicker by doing the following; 

  • Complete the form below with as much information as possible
  • Get all your documentation ready to submit in one go
  • Self-certify your business has been adversely impacted by COVID-19
  • Don’t leave it too late – the scheme runs until 30th September 2020.

FAQs for SME’s from the British Business Bank HERE

British Business Bank PLC is wholly-owned by HM Government and is not authorised or regulated by The Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy, and Industrial Strategy (BEIS).

T&Cs will apply, subject to status and affordability. Any asset used as security may be at risk if you do not repay any debt secured on it.