What is the Coronavirus Business Interruption Loan Scheme and how can it help you?
As a business owner you’re likely keeping your ear to the ground surrounding the available support to help you and your company survive during the Covid-19 outbreak.
The government have announced details of the CBILS which is a new scheme which facilitates a range of Business Finance products. These are available to small businesses across the UK who are experiencing a loss of revenue and as a result have had their cashflow impacted by Coronavirus.
The scheme allows banks and lenders with a Government backed guarantee, which allows these companies to provide Asset Finance in order to support businesses who are looking to invest in new or used assets.
Without the scheme it would be difficult for companies to raise the finance required at this time, due to the impact on their cashflow. The lenders will be able to accommodate funding for Asset Finance between £50K and £250K.
To briefly summarise the main areas of criteria are;
- You must be a UK based business
- The application is for business purposes, not for private individuals
- You are not able to re-finance a product already on a finance agreement
There are other certain eligibility and criteria you should be aware of, I’ll be happy to discuss these with you and provide further details should you be looking to take advantage of the CBILS.
The scheme is managed by the British Bank and allows access to a range of business finance products through selected funders.
For further information and to discuss applying for the scheme, contact Mike on 0161 222 9599.