Still confused about the Coronavirus Business Interruption Loan Scheme (CBILS) and how it could help support your business and investment plans? You’re not alone.
British Business Investments, a commercial subsidiary of the British Business Bank, today announces a new commitment to Compass Business Finance enabling an increased flow of asset finance products into UK-based smaller businesses in the print, packaging and manufacturing sectors.
Loans of up to £250,000 with 12-months capital and interest free are now available via Compass Business Finance, as part of the government’s CBIL scheme. The loan terms are between 2-5 years, with no upfront or early settlement fees, they are delivered via a faster and simplified application process, enabling loan decisions to typically be made within 24 hours.
Since the launch of the Coronavirus Business Interruption Loan Scheme (CBILS) last month, it has already seen a significant number of changes as it evolves and develops to deliver timely and targeted support to SMEs across the UK.
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.