by Nigel Garner
2020 was some year! A year that none of us could have imagined. The challenges presented to everyone, on a personal and business level, were ones that we all had little or no experience of.
Yet here we are embarking on a new year, 2021; I hope it is a much better year for everyone, but maybe hope is the best we can wish for…..?
The new Pfizer vaccine is already in distribution bringing hope that the pandemic will soon abate although we are still not quite sure when.
One thing we can be certain of is, life goes on. No matter how challenging or hard that can be, personally or in business; we have to dust ourselves down from time to time and head into the world once again.
One of the biggest challenges that every business’ face is that of having sufficient working capital. There is no doubt that the pandemic decimated UK business and the economy and I don’t think that many of us would want to swap places with a government minister. Measures were put in place to tackle the massive impact to health and the economy; whether they were put in place quickly enough is a debate for the workplace or the pub, once we can go to either again!
However, the introduction of both Coronavirus Business Interruption Loan (CBILS) and the Bounce Back Loans (BBL) schemes was a significant step in securing SME business’, giving vital access to capital.
The CBILS deadline for new applications has been extended and I would recommend all business owners consider this facility, regardless of whether you think your business needs one or not.
Having access to cash in the bank, especially if we start 2021 in a third lockdown or confined within the stricter Tier 3 rules, will provide huge peace of mind. Business can apply for a loan between £50,001 – £500,000 at interest rates from 1.8% (subject to status); there are no upfront fees to pay and no personal guarantee required for loans up to £250,000. There is nothing to repay for the first 12 months, at the end of which, if you haven’t utilised the loan then simply settle it off with no additional expense. If you have used the loan then, with terms up to 6 years, the affordable repayments will simply be covered by the restored trading in your business.
One thing for sure is that “Cash is King” to every business and CBILS is an excellent support facility to turn hope into certainty when it comes to securing your business through 2021.
To apply for CBILS, contact MBM Capital on 0345 680 1895 or email [email protected] and a dedicated account manager will guide you through the process, from application to pay-out.
Stay safe, stay healthy and stay positive.
MBM Capital are authorised and regulated by the FCA no. 787408
