Coronavirus Business Interruption Loan Extended
Chancellor Rishi Sunak has reacted to the news of a second lockdown by extending the current Government Backed Loan Scheme (CBILS) until the end of January 2021. If your business has been impacted by the COVID-19 pandemic and you require financial support, you may need to act now to start planning your cash flow in order to capitalise on the CBILS scheme whilst it is still available.
Subject to eligibility, a business can secure up to £5m in CBILS support across various financial products, regardless of whether they have received CBILS funding already or have been declined by their current incumbent bank.
CBILS facilities include:
- Business Loans
- Invoice Finance
- Asset Finance
- Asset Refinance / Restructuring
- Acquisitions & MBOs
Features of the scheme include:
- Borrow £50,001 – £5 million
- Flexible payment terms up to six years
- Potentially pay nothing for the first 12 months
- First year’s interest and all fees paid by the Government
- No Personal Guarantees up to £250K
- Borrowers remain 100% liable for the debt
If you need any further information with regards to the financial support you can receive during the coronavirus pandemic, please visit our Now, for tomorrow hub here.