Get Your CBILS Application Ready: Scheme Extended Until January 2021
Last month, the Chancellor extended the Coronavirus Business Interruption Loan Scheme (CBILS) for the second time, with the deadline for applications now set for the end of January 2021.
Originally launched in March this year, CBILS provides financial support to businesses that are losing revenue or have seen their cashflow disrupted due to the
coronavirus pandemic. Up until October, over 73,000 businesses had received more than £17 billion from CBILS, with a further 1.3 million receiving £40 billion from Bounce Back Loans.
Over the last year, our experienced team have been supporting businesses across the country gain access to the finance they need. We found that many companies
were struggling to navigate the CBILS application process, and so our CBILS application route simplified this considerably. We have supported a range of businesses with their CBILS application from inception to completion to source the right lender for their business.
The Chancellor’s announcement
Alongside the extension, the Chancellor also specified some additions to the scheme called “Pay as you Grow”. This includes a payment holiday, which a business can only use once during the loan after making at least six payments, and interest-only payments of up to 6 months.
As well as this, businesses that have received a Bounce Back Loan can also now extend this up to the full £50,000 as long as they meet the lender’s criteria.
We are pleased to announce that one of our lenders on our extensive panel will reopen for refinance applications on the 4th January, as we look forward to offering continued support to SMEs across the country.
The lender has limited funds available, and so even though the deadline for CBILS applications has been extended until the 31st January, it’s important you act quickly to ensure you qualify and gain access to the finance your business needs.
With the support of specialist finance broker Finance 4 Business, we can help shape your CBILS application, bringing together the relevant evidence needed to ensure eligibility and appropriate use of the scheme.
Our internal processes will make sure your application is in the best condition for the lender to evaluate, presented to a contact we know in a language they
understand. This gives your application maximum chance of success.
Finance 4 Business
If you want to find out more about our experienced and expert team can support you, call us on 0121 309 0444 to find out more.
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