Businesses will be able to access government support via Compass Business Finance from today (Monday 23 March), helping them to continue operating through the global economic emergency brought on by coronavirus. As a specialist lender to the manufacturing sector, this is where Compass will continue to focus their support.
The Coronavirus Business Interruption Loan Scheme (CBILS) was initially announced by Chancellor of the Exchequer, Rishi Sunak at Budget 2020. The scheme is designed to help any viable business with a turnover of up to £45m access government-backed finance of up to £5 million through accredited lenders. Interest payments and any lender-levied fees for businesses will be covered by the Government for an initial period of up to twelve months. The scheme also provides lenders with a Government-backed guarantee for up to 80% of the outstanding balance of eligible facilities.
Mark Nelson, Director of Compass Business Finance, commented that, ‘These are unprecedented times and amid the uncertainty, CBILS is one way which allows us to extend finance to companies who may not otherwise have the required security. There are also many other finance options available to businesses who may need to release additional funds at this time or over the coming months.’
Financial stability is key to any business continuity planning, and during this time Compass are deepening their commitment to UK SMEs and to help any manufacturing business explore their options.
For more information on the provisions being made for businesses by government at this time, visit the COVID-19: support for businesses website or to find out more, or enquire about the Coronavirus Business Interruption Loan Scheme visit compassbusinessfinance.co.uk/CBILS