Every week our Managing Director, Mark Smilie sends a letter to our business community. This week* he’s updating us on what the lenders have been saying about Bounce Back Loans and CBILS, now that both schemes are quite established…

*Sent 19th May 2020

“Dear Business Community,

Most people enjoy hearing internal conversations, especially when the expertise is useful in helping them achieve something. So, I’m going to share some internal opinions from the world of business finance with you…


The word on Government Loans…

Bounce Back Loans

This type of loan is being held in high regard, with feedback being very positive from all. Quick timelines for decisions and money in your bank account is being praised.

There have been very few negative comments here, apart from noting Metro Bank still waiting to be able to offer them (did you know that?), affecting many small businesses.


The Coronavirus Business Interruption Loan Scheme

Feedback for these has been entirely different – and mainly negative. Banks not interested, applicants not hearing back, a general very slow process.

We are also hearing that the ‘Delphi score’ is important for this type of loan. It is an Experian credit score, which tries to predict credit risk and a potential failure within 12 months. Not what you need when you are trying to secure a crisis loan…

Note: Why chose CBILS over a BBL? Maximum lending on a BBL is 25% of your turnover, capped at £50k.


The latest stats out today:

  • BB – £14.18Bn facilities, 464,393 approvals and 581,516 applications (79.85% approval rate)
  • CBILS £7.25Bn facilities. 40,564 approvals and 81,124 applications (50%)
  • CLBILS – £0.59Bn facilities, 86 approvals and 496 applications (17.33%)


Get a CBILS Business Loan with Ringrose

At Ringrose, we are mainly dealing with independent finance companies (as opposed to banks) for CBILS loans.


If you have been turned down or you’re still waiting for an answer, we might be able to help.  

If you are applying direct to the bank and you are speaking with someone who is genuinely interested in your application, it is a good sign and where this is happening, we are receiving positive feedback.

But if this is not the case with you, or you do not fully understand the acceptance criteria or how to complete the application for the best shot at success you might wish to give us a call.

We can also go through your other options with you.



To get a business loan, you should apply to finance company best suited to you.

Just as importantly, the application form must be filled out in the way the underwriter is going to give it their most favourable response and interest rate.

If you don’t know how to do those things, then please call us and let us help you get the best interest rate

Note: If you are turned down after applying to the wrong lender, or due to your application form, you might not be able to get credit when you make your next application to the one that would have accepted you the first time – multiple applications with non-acceptance can affect your credit score.


Get it right first time, we will endeavour to take your application to the correct lender for your sector, turnover and credit rating.


One last internal insight…

I received an email from a well-known and reputable finance company, with many finance products available to different business types with various credit ratings.

They gave out these figures with pride:


Since lock down, they have had 2,744 applications for finance and they have approved 420.

And this is a finance company that wants to do business.


My question to you is, how many of those do you think would have been accepted elsewhere if they had started there first?


Why not put me to the challenge!! Just tell me what you want and see if I can deliver, you are welcome to call me on 07710 466166. Go for it…

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

The numbers you need: 0800 612 5364 or 07710 466166

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