Corona Virus Business Interruption Loan Scheme extended by two months to 30th November 2020 to accept an offer from an accredited lender. Businesses still need to make an application by 30th September.

With the Corona Virus Business Interruption Loan Scheme set to end on 30th November, it’s important that, should you wish to access funding, you begin the process as soon as possible.

You may have thought that the scheme was simply offering ‘standard’ term loans however there are actually a number of products available under the scheme and they come with a range of benefits such as:

• No repayments for the first 12 months
• All fees covered by the government
• No interest payable for the first 12 months
• Maximum borrowing of 25% of turnover however multiple loans of up to £250K can be taken from different providers with no need for personal guarantees

Take a look at the questions below and, if you answer yes to any of them, please give us a call so we can explore the options available to you:

• Have you been declined by your bank for a CBILS loan? (We have access to over 30 CBILS accredited lenders!)
• Have you taken a bounce back loan? (Will the amount received be enough to get you through the next 12 months?)
• Do you have historic debt over a year old? (CBILS could provide cheaper rates and potentially no repayments for the first 12 months!)
• Have you ever financed any of the assets on your balance sheet? (These can be refinanced under CBILS!)
• Do you have lengthy payment terms with some debtors? (Invoice finance is currently free for 12 months under the CBILS scheme!)

The deadline is fast approaching so please do not hesitate to reach out should you wish to look at the options available to you.

Disclaimer - All information in this post was correct at time of writing.