Good news for the SME sector both in Oxfordshire and across the UK, CBILS (the Coronavirus Business Interruption Loan Scheme) has now been extended to run until the New Year, with it likely to come to an end on 31st January 2021.
This government initiative really has been a great boost to the business landscape. The fact that the first year of interest is paid by the government along with any upfront fees, together with a capital repayment holiday means that the businesses don’t have anything to pay until month 13. Decisions are relatively quick, within 48-hours, loans can be arranged up to £250,000 with no security and you can select your repayment term from 2 to 5 years.
CBILS is a truly diverse funding option and not just for businesses who are struggling to survive. It can be utilised for onboarding costs, to fulfil upfront costs of a new business contract or for purchasing social distancing equipment to ensure your building or retail outlet complies with government guidelines. Also, if you are looking at new technology or manufacturing equipment then a coronavirus business interruption loan can be used. Finally, you might just want to increase the headcount of employees so CBILS can help to fund salaries whilst waiting for invoice to be paid.
With 3 months left before the end of the CBIL scheme, the consensus is that there will be a surge of businesses looking to apply. A key area to remember is that even if you applied earlier in the year you can still apply for a second. If you need some additional business funding then we suggest you explore how a CBILS facility can help.
For help or more information, feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.