Every week our Managing Director, Mark Smilie sends a letter to our business community. Here’s a copy of the 5th May 2020 instalment,  in which he recaps the criteria and application process for Government Backed Coronavirus Business Interruption Loans along with some other advice about business loans


“Dear Business Community,

Did you know that I don’t charge upfront fees for making loan applications on your behalf? And that in 99% of cases, I get paid by the Finance Company in the end?

Why? They pay me because I don’t waste their time with unsuitable cases or incorrectly filled out forms! I work with my clients to package their applications properly, then take them to the lenders most likely to receive them positively.

I mention this because it has been reported in the press that some brokers have been charging preparation fees and additional success fees for Government loans so, I wanted to let you know the Ringrose position on that.


Moving on…

If you would like us to help you improve your chances of getting a CBILS Loan, then there are three things you must consider. Note: If we really nail the application and it is the right fit, we can get same day approval.

The key is getting the application right, so let us consider these things before we put you forward…


1) What’s On Offer?

  • Loans up to £250,000
  • 12 months Interest and Capital free
  • No Personal Guarantees
  • A decision within a week, some applications if we ensure they are prepared in the right way, will be instantly approved


2) Can you pass these tests?

  • To have been trading for more than 3 years
  • This is only for UK businesses (Limited Companies) that have been adversely affected by Coronavirus
  • The business must be mainly trading in the UK, the loan is primarily for businesses trading in the UK.
  • To have the capability to repay the loan and any other debts that they have deferred, I assume one of the criteria will be on the prior 6 months bank statements, was the business trading profitably. A short write up on how Covid – 19 has impacted your business and what you will be using the funding for?


3) Remember…

The finance company will be inundated with loan applications, many of which will be incorrectly filled out, or the focus of the answer will not reflect the lending criteria. This leads to the lender having to work harder to pay out, which they do not want to do with so many applications to process and, they do not have to do with this increased demand.

Inevitably this will lead to turn downs for eligible businesses, just because they didn’t get the form right.

EXTRA: If you do not pass the lending criteria above, you can still apply direct, or call me direct now for your options.


Our team will soon be dealing with another finance company which should be receiving Government approval to lend money on their behalf too, so we do have options available.

Ok, I want to proceed. What is the process and what should I do now?

The answer is simple just pick up the phone and call me on 07710 466166. You can ask me any questions you might have and what options you have, and if you’re ready to go we can start your application immediately.

How does that work?

Well, banks have lending tiers based on credit rating, and if you do not qualify – you will be turned down. Finance companies are more flexible and, they have additional lending tiers.


You might want to read this…

Don’t put your own money into your own business without doing this first


Getting a Non-Government backed business loan during these times

If you have a business that is trading, and you can prove that you will be able to make the loan repayments and that the business is viable, we at Ringrose Business Finance should be able to get you finance, quickly and easily.

However, if you can’t get a business loan? Please:


Don’t apply direct for a secured loan online!

While this might seem simple and easy, it is anything but. I hear a sad story at least once a week from someone who has and it has cost them a fortune in fees that they weren’t expecting, when all they wanted was the finance company to, for instance, “Release the Charge” on their property.

A member of our team is a specialist in this type of loan, please call us first before committing yourself.


In this current marketplace everything is down to how strong your relationships are with the finance companies – as brokers, ours are strongest, therefore there is an 80% chance of acceptance by using us as opposed to less than a 30% chance by going direct.

Please pick up the phone and say hi! You are always welcome to call me on my personal mobile, number below…

Very best wishes,

Mark Smillie

0800 612 5364 or 07710 466166

Want More Great Finance Content?

Check Out These Articles