The Coronavirus Business Interruption Loan Scheme (CBILS) has been a welcome financial lifeline to many businesses during this time of uncertainty. If you have yet to benefit from the scheme to help fund a new business direction, improve your business or simply help keep the doors open you have to act quickly.
CBILS ends on 30th September 2020
Aimed at supporting UK based businesses with a turnover of less than £45m to navigate the issues of lockdown, accredited lenders (like Asset Finance Arena) have had government backing to offer loans of up to £5m.
The government will cover the first 12 months of interest payments and any other fees levied by the lender. While you will be liable for 100% of the loan, this fantastic deal allows for more time to create financial security in the first year.
On top of this CBILS comes with more favourable security terms, with no personal guarantee required for loans under £250,000, although lenders can ask for it at their discretion (but this is rare). This excludes the Principal Private Resident (PPR) and recoveries are capped at a maximum of 20% of the outstanding balance. Small businesses also pay no guarantee fees as part of the scheme.
Many businesses have used CBILS to finance or refinance assets to move their business forward or adapt to changing market conditions. Asset Finance Arena as found that the market for business finance and refinance in areas like machinery finance has opened-up as the government attempts to inject life back into the economy after a long lockdown period. This is true across all areas of finance.
Through our accredited lending partners, we still have access to CBILS to the end of the month and the right expertise to ensure you are using this opportunity in the most effective way for your business.
Now is the time to act to reap the benefits of CBILS. Get in touch today to see how Asset Finance Arena can help you get the funds you need.