Since the government announced the introduction of the Coronavirus Business Interruption Loan Scheme, the NGI team have been delighted to have supported so many small businesses in and around Oxfordshire. In fact, we have just passed the £20 million figure for businesses who have benefited through the scheme.
The applications have been incredibly diverse and have included £250,000 for an IT company who purchased a new bank of data servers and over £400,000 to assist with the development of a new warehouse. When the scheme first launched many businesses were unsure how it could benefit them but with such a broad scope of lending it really has been a great benefit for the SME sector.
We have seen other applications include £200,000 for the onboarding costs to fulfil a new business contract and over £300,000 to enable work to begin on a new housing development. The value of these contracts has all been sizeable, which has really given each business a huge boost and has allowed them to fulfil their growth plans.
Of course, schemes like this cannot last forever. The Government have already extended it to 30th November 2020 but the current perception is that it will not be extended beyond this deadline. Therefore, with just a few weeks left we are encouraging all small businesses who are thinking about a boost in cashflow to consider an application for CBILS.
If you have any questions or need help then please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.