by Nigel Garner
As the 31st. March 2021 deadline approaches to the end of the Coronavirus Business Interruption Loan Scheme (CBILS), let’s take a look at what you need to know.
The scheme, launched by the Chancellor and provided through the British Business Bank, is focused on providing financial support to SME’s who have experienced lost revenue and cashflow difficulties as a result of coronavirus.
As providers, MBM Capital is able to offer a fast application process to all business’ seeking CBILS support. In addition to the Government paying the interest for the first 12-month period and upfront fee, you could also benefit from NO repayments for the first 12 months.
Business’ can apply for a loan up to 25% of their annual turnover and decisions are typically offered within 24 hours. A quick completion of the paperwork prior to pay-out and the funds are deposited to your business bank account within 24 hours
To be eligible, your business will need to meet the following criteria:
Be a UK based business that has been adversely affected by coronavirus
Have a turnover in excess of £200,000
A minimum trading history of 3 years
Over 50% of turnover must be from trading activity (i.e. not from investments)
Demonstrate that the loan is solely for business purpose
The loan is for trading in the UK
So, if you still haven’t taken advantage of the scheme, but feel that the finance could really help your business now or in the near future, then it’s well worth considering taking out a CBILS loan.
Applications can be submitted up to the end of 31/03/21, after that, CBILS will no longer be available to access.
Contact MBM Capital on 0345 680 1895 and one of our relationship managers’ will guide you step by step through the process from application to completion.
It is important to remember that when taking a CBILS loan, that your business is liable for the full loan amount. The CBIL scheme provides a guarantee to the lender, not to the business.
While we want to help as much as we can, the information here is provided solely for information purposes and should not be considered financial or legal advice.
