The Coronavirus Business Interruption Loan Scheme (CBILS) has offered important financial support to thousands of businesses across the UK – but it is due to end this month.
Although the deadline for accredited lenders to review applications was recently extended until 30th November 2020, businesses wishing to receive funding via the CBILS must have submitted their applications by 30th September 2020.
This means that time is running out to benefit from this loan, which offers no interest for the first 12 months, no upfront fees and funding facilities of up to £5 million.
If you have an existing Bounce Back Loan then you may still be eligible for a larger CBILS loan providing the new loan is used to consolidate the previous loan.
Please be aware that when using the CBILS, your business remains liable for the full loan amount – CBILS only provides a guarantee to the lender, not the business that receives funding.