Time is now running out on applying for the Coronavirus Business Interruption Loan Scheme. Over £15.45bn has now been lent under the scheme and £38bn has been lent under the smaller Bounce Back Loan Scheme.
Key elements of CBILS are:
- Finance from £50,001 to £5m
- Via loans, overdrafts, invoice or asset finance
- First 12 months of interest and any lender fees paid by govt
- No repayments for first 12 months
- No personal guarantees up to £250k of lending
Any business impacted by COVID can apply; this impact can be in a negative or a positive way, and many people do not realise this.
The approval rate for CBILS is a poor 46% and therefore vital that any proposal is well thought through and packaged with all the right information. We have a wealth of experience to assess eligibility and then produce the right package for a successful CBILS, but time is running out, so don’t delay.