Delivering CBILS to the pharmacy sector

Delivering CBILS to the pharmacy sector

We are pleased to announce that we have partnered with the British Business Bank and are now an accredited lender for the Coronavirus Business Interruption Loan Scheme (CBILS).

Woodsford RxBridge are specialists in the pharmacy sector and are available to support these businesses across the UK by deploying vital funding and working capital where it is most needed.

CBILS pharmacy

 

What is CBILS?

The Coronavirus Business Interruption Loan Scheme (CBILS) is part of a government support package, providing financial support to businesses across the UK that have seen their cashflows disrupted and a loss in revenue as a result of the COVID-19 pandemic.

CBILS is designed to enable lenders to provide facilities of up to £5 million to help SMEs with the funding that is needed to keep the business going.

Read more about CBILS here

 

Financial support for pharmacies

Pharmacies have been under immense pressure over the last few months as customers have increased their reliance on the services. Many are stocking up on medication and turning to pharmacists for support while GP surgeries are running at a distanced and reduced service.

Although we are moving towards easing lockdown restrictions, there are still a number of challenges that persist for the sector. The additional financial resource that CBILS provides pharmacies allows them to continue to support their patients and the local community as we navigate this uncertain climate together.

 

Woodsford RxBridge and CBILS

Woodsford RxBridge are able to support pharmacy businesses by providing either a ‘Top Up’ loan for those with an existing facility or a ‘Term Loan’.

Anyone looking to apply for a CBILS loan through Woodsford RxBridge will need to meet the following eligibility and funding requirements:

Eligibility

Your business must:

  • Be UK-based in its business activity
  • Have an annual turnover of less than £45 million
  • Have a borrowing proposal which would be considered viable, were it not for the current pandemic
  • Self-certify that it has been adversely impacted by the coronavirus (COVID-19)
  • Must not be a ‘business in difficulty’ under state aid rules

 

Funding requirements

You need to establish:

  • The amount you would like to borrow
  • What the money is for — we will need to check that it is a suitable business purpose and the right type of finance for your needs
  • The period over which you will make the repayments — we will assess whether the ‘top- up’ or ‘term loan’ is affordable for you
  • Please note that a business cannot have both a CBILS facility and a Bounce Back Loan Scheme (BBLS) facility. If you have already obtained a BBLS facility, then this would need to be refinanced should you wish to obtain additional funding via CBILS.

 

Register your interest

If your pharmacy business meets the above eligibility and funding requirements and would like to apply for a CBILS backed loan through Woodsford RxBridge, then please register your interest here and a member or our team will get in touch.

We look forward to being able to assist your pharmacy business so that you can focus your efforts on supporting your customers without the concern of any financial constraints.

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