The Chancellor announced yesterday that the Coronavirus Business Interruption Loan Scheme (CBILS) will be end on 31st March. There will be a new scheme that the government are backing: The Recovery Loan Scheme. There is anticipation that the new scheme will be much less attractive for borrowers.
Plan for 2021 & beyond – get your application in before CBILS ends
It’s imperative that SME businesses understand the positive ways in which CBILS can help navigate their business. Especially through the next year. Don’t miss your chance to apply for the Coronavirus Business Interruption Loan Scheme as it’s due to end soon.
You will have one month to drawdown on Loan facilities and six months to drawdown on any Asset Finance & Asset Refinance facilities – but you must apply before 31st March 2021. If you don’t, you risk missing out on additional financial support for your business.
Did you know CBILS can be used to finance trucks, trailers, plant & machinery?
As well as being a Business Loan, CBILS also encompasses other finance facilities. These include: Asset Finance, Asset Refinance and Acquisition Finance. Subject to eligibility, a business can secure up to £5m in Coronavirus Business Interruption Loan Scheme support. This is regardless of whether they have had CBILS funding already or face rejection from their bank.
Start your application today
PMD are one of the UK’s largest independent providers of business finance.
We also have access to multiple CBILS lenders and are in a good position to offer advice on CBILS. We can also provide you with 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
The Coronavirus Business Interruption Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS can be found on the British Business Bank website.