CBILS (Coronavirus Business Interruption Loan Scheme) is designed to help businesses adversely impacted by the coronavirus. Many businesses have already received support through the scheme but what you may not realise is that the scheme can also be utilised to future proof your business.
You may feel that you currently have enough cash reserves and orders to ride out the current crisis, however it is hard to know what the coming year will hold for us. With no interest or fees to pay for the first 12 months, CBILS finance is an ideal way to ensure that your business has money to hand for a rainy day. If you don’t utilise it you can just pay it back in full after the 12 months.
Alternatively, there may be an opportunity in the next few months to make an investment for your business. Rather than having to access a commercial mortgage or other finance and pay the fee and interest, the CBILS funding could be utilised initially and then replaced with alternative finance once the fee free period is over.
Why not give yourself peace of mind and apply for CBILS finance just in case? You have nothing to lose.
If you have any questions or need some more help then please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.