CBILS Application Deadline
The CBILS application deadline has now been extended to 31st January 2021, with lenders then given an additional 2 months to process them. The scheme is designed to support UK based small and medium-sized businesses, with a turnover of up to £45 million, where they have a viable business proposition but are struggling with the challenges of the coronavirus situation. Some of the benefits of the scheme are noted below:
- You can apply for a loan of between £50,001 and £5 million
- Spread repayments of your loan from 1 to 6 years
- The arrangement fees and the first 12 months interest will be paid by the UK government as a “Business Interruption Payment”
Some of the reasons to apply for a CBILS Loan before the deadline include:
- Refinancing Bounce Back Loans
- Existing payment holiday expiring
- Refinancing existing loans – effectively providing a 12-month payment holiday, removing the personal guarantee and potentially including a top-up to provide additional cash
There have been changes to the eligibility criteria over the last couple of months as the scheme has evolved, meaning more small business can access the funding they need. E.g. Insufficient security is not a blocker anymore.
If you would like to discuss your options, or maybe you have customers that are struggling to pay you for your goods or services, then we’d be glad to help.