Between the British Business Bank and the various Lenders involved, it has taken far longer than CBILS for some Lenders to be fully operational with RLS. However, while back in April there were only eighteen accredited Lenders to the scheme, there are now over seventy.
The British Business Bank Recovery Loan Scheme was launched this week as the replacement Government backed lending scheme to succeed the various Coronavirus Loan Schemes. However be aware options are limited just now.
The new Recovery Loan can in principle be used more widely and is potentially more flexible. However, much will depend on how the accredited lenders choose to operate the scheme within their own parameters and no doubt the devil will be in the detail.
So, like so many others running a business, you are facing a seemingly impossible challenge. The payments previously deferred (including March 2020 VAT) will shortly become due, CBIL’s/BBL’s repayments start soon, landlord’s patience has run out, customers are slow to pay/suppliers are about to stop supplying, wages are due at the end of the month and the bank balance is perilously close to the overdraft limit.
The British Business Bank has announced that the deadline for applications for these loan schemes has been extended from 30th November to 31st January 2021.
Let us help you access funds for CBILS assistance. We are keen to assist both existing and new clients preserve their businesses and will do this on a contingent fee basis.
We are hearing from Clients already worried about their property finance and we would like to help. You may be aware that if you have been severely affected by COVID-19...
It’s a statement of the obvious, but at the death its not about turnover or profit, businesses fail when they just run out of cash.
Perhaps we shouldn’t expect the Alternative Finance Sector to step in at this point as it did in 2011/2012. This is the first serious financial shock to affect the sector.
The Coronavirus Business Interruption Loan Scheme (CBILS) is now available through participating Lenders to enable businesses to weather the storm of Coronavirus.