This time last year, the Prime Minister announced the first national lockdown in response to the Coronavirus pandemic. Businesses were forced to close and staff put on furlough to help protect all from the impact of this deadly virus. Almost immediately the Government put in place some funding platforms to ensure businesses got the necessary support to keep them in as stable a financial position as possible, for when lockdown restrictions end. Whilst we have navigated our way through a further 2 lockdowns, the Government have continued to support businesses throughout the last 13 months.
The Coronavirus Interruption Business Loan Scheme (CBILS) was one of the first initiatives developed as a government backed loan to support businesses. This scheme, which is accessible to many companies, provides funding from £50k up to £1m. The Government will pay all the interest in the first year and there is nothing to pay until month 13.
Other key facts for this government backed business loan are that there are no early repayment fees, no arrangement fees, no personal guarantees and incredibly low interest rates.
The only downside is that the CBIL scheme will be ending on 31st March 2021. So, if you are interested in applying for a government backed loan and need some advice and support, we suggest you get in touch with us as soon as possible so you don’t miss out. Please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.