CBILS is to be replaced by a new government backed loan

Next week, Chancellor Rishi Sunak will reveal a new government backed business loan as CBILS is to be replaced. This will replace the three current coronavirus schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS).

With the news the replacement of CBILS, PMD urges all SME business owners that have had an effect from the Covid-19 pandemic to act now. Make sure you benefit from CBILS before its final deadline on 31st March 2021.

CBILS facts

You can have multiple CBILS facilities and if you have already utilised one facility, you can still drawdown on more, up to a total value of £5m. As well as being a Business Loan, CBILS also encompasses other finance facilities. This includes: Asset Finance, Asset Refinance and Acquisition Finance.

The new programme will feature a stricter criteria. This will seek to wean companies off state support whilst allowing banks to demand personal guarantees on larger loans. The scheme will be launching in next week’s Budget. Therefore this will see the closure of the emergency coronavirus schemes, which have so far lent over £73bn to businesses.

(Information as seen in The Financial Times)

PMD Business Finance is one of the UK’s largest independent providers of business finance. Because we are a fully accredited CBILS broker, PMD has access to multiple lenders and is best placed to offer advice on CBILS, its benefits and how it can support your business directly this year.

Get in touch with Tom Brown, PMD’s Director, today for more information: 07793 242 280. Looking to stay up to date with what we’re doing here at PMD? Why not follow us on LinkedIn!