Many businesses sensibly took advantage of the Coronavirus Business Interruption Loan Scheme (CBILS) when it was first launched back in March 2020. This Government led initiative was developed to help the business community by providing them with access to funding with repayment fees not made until month 13. Backed by the fact that the government pays the interest for the first 12 months, this scheme has been incredibly popular.
The one key factor that many businesses have not realised, is that you can apply for a second CBILS. Your eligibility is not be affected by the outcome of your first application. So, if you are considering a business loan then you should seriously consider another CBILS.
Even if your current CBILS is still running, there is no problem with making a second application. For example, if you do need some additional funding then you could look to apply for a second CBILS, use some to pay off the first CBILS and keep the remaining for your business growth needs across 2021.
No matter what your business funding needs are, a CBILS could be the perfect solution. It really is the very best business loan available and can benefit any business type. Even if you are only 50/50 as to whether you need business finance, with no fee’s or no early repayment fees you can make an application and leave the money sitting in your bank until you need it. Of course, if you find you don’t need to use it you can simply pay back the loan.
Should you have any questions or if you are thinking about an application please feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.