In his latest blog post, Mark Smillie is looking at when is the best time to apply for finance. If you’re interested in receiving this content directly, subscribe to Mark’s newsletter here.


“One of my most often asked questions is;

“Is there a best time of the year to apply for finance, to get the best deals?”

Short answer, Yes! Try not to apply for finance when everyone else is.


Supply and Demand

What made me think of this was part of an email I recently sent to one of my clients. who is looking for further funding on a CBILS loan, he already has one, he was wondering whether to apply now or leave it until January.

This is what I wrote to him. (It talks about CBILS it applies to any type of finance at this time of year!)


Most company directors, put of applying for finance now and say “We will park this until January”.

The Timing of applying for finance is important, due to the age old law “Supply and Demand”!

There was pandemonium at the finance companies in the last 4-6 weeks before the last deadline of CBILS applications closing.

We were getting some same day decisions and the rest within a couple of days (a couple of months ago), but the closer it approached the deadline the quick decisions were in 2 weeks and more likely 2-4 weeks they were swamped as will be finance companies in January, but this January I think they will be double busy.

When the Underwriters are under such pressure, they can be more cautious and have less time to consider application forms that are not perfectly prepared in the way that they want to see them which leads to an increase in rates and declines.

I fully expect many businesses to put their new CBILS applications on the back burner until January, where it will go crazy again, especially when the people who successfully applied for CBILS some months ago realise they can come back and have another go.

If we could put in your application in the next week or two the timing will be good, last week in November first week of December is ideal, the underwriters are under a lot less pressure

And your favourite broker can walk in the VIP entrance and speak to a senior “Can do person” in the finance company.

And secure You a special deal, because you always give your best clients a special rate, which means You save money.

Is your business in the position to benefit from additional finance right now? Be proactive, get in touch today and let’s see what we can do!


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Please pick up the phone and say hi, you are always welcome to call me on my personal mobile.

Kind regards,

Mark Smillie”

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