Time is running out to take advantage of the Governments Coronavirus Business Interruption Loan Scheme (CBILS).
These business loans are payment free for the first 12 months and the first years’ interest is paid by the Government who also pays any upfront fees.
The loan scheme comes to an end on the 30th September 2020.
The funds from the loan could be used to:
- Refinance existing debt
- Boost your cash flow
- Invest in your business
Have a Bounce Back Loan already? You can still apply
Bounce Back Loans are capped at £50,000, if your business requires additional funding you can convert this to a CBILS loan which opens up £50,001 to £250,000. If you have a Bounce Back Loan (BBLS) already you’ll be asked to settle this. The government guarantees 80% of the CBILS finance to the lender and pays interest and any fees for the first 12 months.
Need advice?
At Kay Johnson Gee we have an expert funding team who will advise and guide you through the CBILS process, we can provide forecasting and also have access to an exclusive list of lenders. Contact our Corporate Finance Partner, Steven Lindsay on 07775 701 567 or email [email protected].
