CBILS to be replaced by new government backed loan from 31st March
Next week, Chancellor Rishi Sunak will reveal a new government backed business loan to replace the three current coronavirus schemes, which includes the Coronavirus Business Interruption Loan Scheme (CBILS).
With this in mind, PMD urges all SME business owners that have been affected by the coronavirus pandemic to act now and benefit from CBILS before its final deadline on 31st March 2021.
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, such as: Asset Finance, Asset Refinance and Acquisition Finance.
It is said that the new programme with have a stricter criterion, which seeks to wean companies off state support and it will allow banks to demand personal guarantees on larger loans. The scheme will be launched in next week’s Budget, which 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. As a fully accredited CBILS broker, PMD has access to multiple CBILS 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