How businesses are refinancing their CBILS loans as their circumstances change

CBILS products saved many businesses from failure but as circumstances change, many are finding that their old deals need revisiting to ensure they are fit for purpose

With the repayment holiday ending for many of those who took out CBILS products at the beginning of the pandemic, many are looking at whether the loans can be restructured to create better cashflow outcomes or help them take advantage of new opportunities. The Swoop team is always ready to help businesses that need to make their money work that little bit harder…

Construction firm demolishes £10k overpayment

Seb, Senior Funding Manager at Swoop, has been working with a construction company that was paying 12 percent on a £150k loan. 

“The initial loan was through the CBILS scheme with an accredited CBILS lender and when the repayment holiday ended, the shock of the new outgoing prompted the customer to ask whether they couldn’t get a better deal elsewhere.”

Through using Swoop’s experienced Funding Managers the client was offered a refinancing deal at just eight percent on the same 48 month term. “Over the course of the lifetime of the loan, this represents a saving of over £10,000 to the customer,” says Seb. “That sort of money makes a real difference and has a noticeable impact on cashflow for my customer’s business.”

Growing business raises an additional £250k 

Meanwhile, a cladding company found they needed to raise further funds to buy essential machinery needed to carry out a recently-won £4million contract. 

The customer approached David, Senior Funding Manager at Swoop, when they were unable to agree a deal to raise further funds through their original lender. David says: 

“The customer had initially raised £150k through CBILS with a lender away from the high street, but their circumstances changed for the better when they successfully won a pitch for a major new contract. Swoop arranged a refinance on their existing CBILS facility for the original amount plus a further £250k to allow the customer to deliver the contract.”

The customer and their client now know that they have the tools they need to carry out the work as required while saving money on the debt they already had in their books – thanks to Swoop’s expert help and market knowledge.

Are your loan repayments more expensive than they should be? Do you need to borrow further money for an upcoming project? Find out how much you could borrow with over 1,000 lenders here