The Government launched a number of support schemes last year including the Coronavirus Business Interruption Loan Scheme (CBILS), which is for businesses impacted by COVID with a turnover less than £45m and the need to borrow more than £50k up to a level of 25% of their annual turnover. The CBILS Scheme is currently due to expire for new applications at the end of March 2021.
Some businesses may not have considered CBILS up until this point for various reasons, including, not needing finance up until now, trying to survive without any assistance, being unaware of the scheme, believing they are not eligible or already having a CBILS loan in place.
Given this may be the last chance to look at this scheme, now is the time to take stock, consider what your funding needs are over the next 12-18 months and speak to us to see if the CBILS is right for your business and we will work with you to raise the money required.
If a business has been impacted by COVID, positively or negatively, and let’s face it everyone has, then there is the potential to obtain a loan over 6 years on good terms with nothing to pay for 12 months to help a business through this pandemic and prepare and invest ready for the return of normality when it comes.