Are you missing out on the benefits of CBILS?

Are you missing out on the benefits of CBILS?

The Coronavirus Business interruption scheme.

You will have come across it, you may have applied for it before and have been turned down.

Maybe you dismissed it thinking your business didn’t meet the criteria.

Well, a lot has changed since CBILS first came out and with the deadline now extended to the end of January and another lock down to overcome. It’s time to give a second thought to whether this scheme could benefit your business.

Changes to the scheme has meant that smaller businesses effected by the coronavirus crisis can access the funds they need.

How the scheme works

When CBILS loans were first introduced, they were typically offered only by banks.

There are now over 100 lenders currently working to provide this scheme, including:

  • High-street banks
  • Challenger banks
  • Asset-based lenders
  • Smaller specialist local lenders

This enables a more varied form of lending, such as:

  • Term loans
  • Overdrafts
  • Invoice financing
  • Asset financing

As the scheme has grown, so have the options available to businesses.

This scheme gives lenders a government-backed guarantee for the loan should the applicant default on the loan. This means no personal guarantee is needed for amounts below £250,000.

Add on a period of NO repayments, NO early settlement fee and rates that are competitive with the majority being single figure rates*.

It’s easy to see why businesses are banking the loans as a ‘just in case’ safety net.

Applying for the loan

Many businesses may consider a CBILS loan to help with cash flow disruptions. CBILS loans can be used for a variety of other purposes including that safety net of cash to ensure that your business can make progress through the next 12 months.

Here at J&J Commercial Finance, we can help you with the application process and sift through the lenders to find the right one for you.

The application process for applying is simple and waiting on approval is now a lot quicker, with most businesses receiving a decision within the first 24 hours of application. Along with less documentation being required some lenders will only need annual accounts and bank statements!

Contact us or call on 01709 805624 or 07399 660 002

*Rates are dependent on the individual and business circumstances and subject to a full credit searched applications and underwriting by the lender