The Coronavirus Business Interruption Loan Scheme (CBILS), has been extended to 30 November 2020, providing businesses with an additional opportunity to take advantage of the significant benefits that the scheme offers, including the first 12 months of interest paid and any fees paid on your behalf by the government.
Compass Business Finance are encouraging businesses to look at their working capital requirements and any planned investments that they may have over the next 12-18 months now, whilst CBILS is still available. Offers of finance via the scheme are valid for up to 6-months (depending on the type of finance sought), without any obligation.
If a business has taken a Bounce Back Loan (BBL) but found the funding insufficient for their needs, CBILS is still available as an alternative option providing the business pays back the BBL.
David Bunker, director of Compass commented that, “Depending on the term of the finance, having the first 12-months of interest, as well as any upfront fees covered can represent savings of up to 100% on a 12-month term or 56% on 36-months against what you’d have paid previously or will have to pay once the scheme finishes – this is why we’re encouraging people to contact us now.”
Businesses are utilising CBILS in a multitude of different ways to ensure their future viability and success, with many taking advantage of multiple loans of varying types whilst remaining under the £5 million limit. Improved cash flow through traditional loans, refinancing agreements and finance for new assets have all formed important parts of business strategies during the pandemic.