The Coronavirus Business Interruption Loan Scheme (“CBILS”) has been available for many months now. Although your business may not need funding, there’s a good argument that you should consider a CBILS loan:
Imagine if you didn’t think you needed a CBILS and then in 3 months lost your biggest customer….even if you don’t need the cash now, why would you not just take it and then make that decision (about spending it or repaying it) further down the line?
CBILS loans are interest and repayment free for 12 months, there are no arrangement fees or early repayment charges. Assuming a return to some normality in 2021, you could hand your CBILS loan back at no cost to yourself in the knowledge that you bullet proofed your business for a downside scenario.
Furthermore, should you require the use of your CBILS loan, lending rates are the cheapest they’ve ever been, and for loans under £250,000 there are no personal guarantees.
Do you have asset finance agreements?
These can be refinanced under CBILS and potentially no personal guarantees.
Do you have historic debt over a year old?
CBILS could provide cheaper rates, potentially no repayments for 12 months and no personal guarantees.
Do you need to speak to HMRC about a Time to Pay (“TTP”) arrangement for any of your tax liabilities?
HMRC will not agree to a TTP until the business has shown that it has exhausted all other options, including CBILS.
CBILS Are Quick and Easy to Arrange
Kay Johnson Gee has access to over 100 accredited CBILS lenders, we will guide you through the best options for your business and make the right introductions at the right time. For more information email us on [email protected] and a member of our team will call you back.