The Coronavirus Business Interruption Loan Scheme (CBILS) has now been extended has now been extended through until the end of January 2021.
CBILS came in earlier this year to support SMEs during the Covid-19 outbreak. The scheme enables lenders to provide finance facilities up to £5m to businesses who are experiencing lost or deferred revenues, leading to cashflow disruptions.
CBILS can support a range of finance products to help businesses such as Hire Purchase, Business Loans, and Invoice Finance.
The scheme provides the lender with a government-backed, partial guarantee against the outstanding balance of the finance.
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.
All finance is subject to approval and certain criteria is to be met to qualify for CBILS.
See the eligibility criteria below. The borrower remains 100% liable for the debt.
Find out more about CBILS and how they can help your business on the British Business Bank website here.
For more information and to see if your business is eligible, please contact Dealer Net Finance today on 0191 586 6168 or drop us a message through our Contact Us form.