Rate for Risk across lenders for varied acceptance rates
No Repayments at all for first 12 months!
Aimed at companies that have been trading for 12+ months, need finance for growth beyond Bounce Back Loans, but are likely to get turned down by their bank
In March 2020 in response to the coronavirus pandemic, Chancellor of the Exchequer, Rishi Sunak, announced the Coronavirus Business Interruption Loan Scheme (CBILS) through the British business Bank (BBB) The aim of CBILS is to support businesses in urgent need of bank funding by providing lenders with a guarantee of 80% of loan value to support lending to SME’s with a turnover of up to £45 million.
A criticism of CBILS has been that funding has been too slow to reach companies that have immediate cash flow pressures.
You can apply for a loan if your business:
is based in the UK
has an annual turnover of up to £45 million
You need to show that your business:
would be viable were it not for the pandemic
has been adversely impacted by the coronavirus
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
The scheme is open until 31 January 2021.
We are open for business whilst following current COVID-19 government guidelines. Click here for more details
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