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.
The saying ‘cash is king’ has never seemed more relevant and some businesses may find themselves in the unexpected position of having “surplus” cash available just now. It’s important to ensure that you have a full understanding of the position that your business might find itself in as the Government and other business support is reduced or withdrawn.
Funding Circle has recently been accredited to the British Business Bank's panel of CBILS lenders. This is welcome news at a time when lenders have seen an incredible demand...
Funding Circle has recently been accredited to the British Business Bank's panel of CBILS lenders. This is welcome news at a time when lenders have seen an incredible demand...
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 have put together this guidance on how to approach your Bank for a Coronavirus Business Interruption Loan. Every business and every bank is different...