On 24 September, Rishi Sunak, Chancellor of the Exchequer, announced that the Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until 30th November 2020. This deadline is for applications with funding to be drawn dawn within 3 months of approval.
Along with the extension, there have been some changes to criteria including amendments which now mean that having insufficient security is no longer a reason for rejection. There are currently over 100 funders accredited for CBILS across a range of debt specialisms including term loans, invoice finance and asset finance products.
For more details contact Primary Finance Group or visit the British Business Bank website:
Please note that CBILS providers a lender with a government-backed guarantee (at 80% of the outstanding loan balance) – the borrower remains fully liable for the debt.