Last week the National Association of Commercial Finance Brokers (NACFB) released statistics that stated 70% of all Government money lent to businesses has been through the Bounce Back Loan Scheme (BBLS), which is surprising given the maximum loan amount is only £50K.
This amount may not be enough for all businesses that have received a BBLS loan and if you require more than the £50K limit you will need CBILS to top up your finances – but time is running out.
The Coronavirus Business Interruption Loan Scheme (CBILS) will not be around forever, and with an expiry date of September 30 2020 fast approaching, now is the time to assess what finance you need to put in place to trade safely and securely. Armstrong Watson can offer access to the following facilities, all of which are flexible and can be accessed quickly:
CBILS Loans: no payment for 12 months, no Personal Guarantees and the first year’s interest is paid by the Government
CBILS Asset Finance: to support new asset investments with low start payment options and first year’s interest paid
CBILS Refinance: restructure your current asset finance borrowings to lower your monthly outgoings and release some of the equity into cash flow
CBILS Invoice Finance: ongoing working capital facilities with CBILS top up loan to boost cash flow
Even if you have been declined CBILS by your bank, there are still options out there. There are many flexible alternative finance solutions available, some of which are much easier and quicker to access than bank facilities. It’s also significant to note that we are experiencing high levels of success rate with CBILS through the alternative finance market place.
If you’d like assistance to help you review the financing and Government-backed loan options then I would be happy to talk to you – remember there is absolutely no obligation and the consultation for the initial review is free.
The Government-backed loans will not last forever, so our biggest piece of advice is to act now – take this opportunity and beat the rush to eliminate any future financial uncertainty..
If you are looking for advice for your business, then please get in touch with me today. Email Stephen.Dinsmore@armstrongwatson.co.uk or call on 0778 871 2078