Since the Coronavirus Business Interruption Loan Scheme (CBILS) launched on the 23 March 2020 over 122,800 applications have been made and over £13.68bn has been approved. But the scheme is due to end this month.
The deadline for accredited lenders to review applications has recently been extended to the 30th November 2020. However, any businesses wishing to apply for CBILS funding must submit their applications by the 30th September 2020. Time is running out!
Your business must:
- Be UK-based in its business activity
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Self-certify that it has been adversely impacted by the coronavirus (COVID-19)
- Not have been classed as a “business in difficulty” on 31 December 2019, if applying to borrow £30,000 or more
The loan offers no interest for the first 12 months, no upfront fees and funding facilities of up to £5m.
There are more than 40 accredited lenders throughout the UK. We recommend that you speak to your bank in the first instance.
The Bounce Back Loan Scheme (BBL)
The BBL scheme, is aimed at smaller businesses and is due to end on November 4. No extra time has been given for approvals of bounce back loans as they were designed to be agreed by banks speedily, with minimal affordability checks.
If you have previously received a BBL but now need more funding you may still be eligible for a larger CBILS loan providing the new loan is used to consolidate the BBL.
If you would like more information or if we can help support your application give us a call or drop us an e-mail . We have helped several clients secure loans and we would love to help you!