How to Apply for Business Interruption Scheme with Figurewizard

Business Interruption loans are going to depend on business forecasts for profit, cash and finances both before and after coronavirus. Here's how to do it.

Coronavirus Business Interruption Scheme (CBILS)

The current crisis has rendered company profit and cash flow forecasts meaningless. Survival for most now depends on how a new business plan can be made to work.

Under CBILS the government will assist small and medium sized companies that will have been hard hit by the crisis.

Small Business Bounce back Loans

Loans of between £2,000 and £50,000 100% covered by the government are available for small businesses.

Application is simpler than CBILS, approved loans will be made available within 24 hours of approval. They will typically be repayable within 6 years. Approval however will depend on the viabilty of the business going forward, which is where Figurewizard profit and cash flow forecasts can help.

What follows is the principal COBIL loan scheme. Only one or the other of the two can be applied for. You can't have both.

Coronavirus Business Interruption Loan Scheme (CBILS)

Here the government will underwrite 80% of loans for up to £5 million for up to 6 years from a panel of 40 accredited lenders. When applying, however this is going to be a requirement:

Your business has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic”.

That means "before" and "after" forecasts. 

After will call for profit and cash flow forecasts, including a year-end operating cash flow forecast for servicing future debt. Banks or other lenders are going to need to know how well placed your business will be in order to repay their 20% exposure.

All of this and a lot more besides is what Figurewizard makes possible, quickly, easily and affordably.

How Figurewizard Forecasts are Produced

Working with Figurewizard is simple and uncomplicated. All you need to do is to enter your predicted annual sales, gross profit margin, overheads, investment and financing plus a few simple ratios.

That delivers thirteen profit, cash, liquidity and balance sheet forecasts plus three calculators. VAT and corporation tax are calculated and applied automatically by the system.

Try Figurewizard for Free

Every profit and cash flow forecast and calculator that Figurewizard produces is shown on the site as a working example.

Visitors can edit what the see. Better still, the calculators can also be tried out, including "What-If", the most important one.

Before and After - The What-If Calculator / Planner

This is unique to Figurewizard. The projected figures that you will have entered to produce the forecasts are shown. You have the option to increase or decrease these.

In "My Account" select the duplicate button besides your original pre-coronavirus forecasts and simply change your original figures in order to create a second, post- virus set of forecasts. This is a matter of minutes - everything (including charts) works in real time.

When you are done select "Apply Changes".

Accountants

Up to one hundred complete sets of forecasts can be maintained in “my account”. These can be edited at any time. They can also be exported to excel for formatting and printing.

The Cost

Subscription is £30 a year; half the price of the average parking ticket. There are no other charges. Up to 100 complete sets of forecasts can be saved.

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