Chancellor extends Coronavirus Business Interruption Loan Scheme
Chancellor Rishi Sunak announced he has extended CBILS in a bid to continue supporting businesses during the pandemic.
Applications must now be with funders by 30th November 2020. You can have several CBILS facilities to support your business, including:
- Asset Finance
- Invoice Finance
- Business Loan
- Asset Refinance
After Monday 30th November there will not be any more opportunities to apply for CBILS facilities as the Government will be launching a new scheme. If it is anything like the furlough transition, we would advise that you make the most of this opportunity and apply now.
Key features of CBILS include:
- No capital, interest, or fees paid in first 12 months (in most cases)
- Interest and fees in the first year are covered by the Government
- No Personal Guarantees or other security required (up to £250,000)
- Competitive rates
You can use multiple CBILS up to a total value of £5m for business loans, machinery, plant, commercial vehicle and equipment finance, refinance and restructuring of existing assets and associated debt, Invoice Finance and acquisitions / MBOs.
Applications must be received by funders before 30th November 2020 and facilities used within one month of acceptance for loans and six months for assets.
Don’t miss out
If you want to apply, or if you have further questions on your eligibility, then get in touch with one of our experts by calling 0161 633 2548 or by emailing: firstname.lastname@example.org.
The Coronavirus Business Interruption Loan Scheme (CBILS) 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 and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS