The chancellor, Rishi Sunak, has recently launched the Coronavirus Business Interruption Loan scheme (CBILS) – this measure aims to support businesses during this time of disruption caused by COVID-19
Access to these funding pots has been established through several providers offering grants to the retail, hospitality and leisure sectors. Key points of Coronavirus Business Interruption Loan scheme (CBILS):
- Your business is UK based, with turnover of no more than £41 million per annum
- Your business meets the other British Business Bank eligibility criteria
- £3,000 to £5 million over a 6 month to 84 month (7 years) term
- Businesses can access the first 6 months of that finance interest free, as the government will cover the first 6 months of interest payments
SME Finances works alongside the government authorised providers in helping businesses access the £330m million worth of funding being made available for you business.
If you you’d like to discuss the options available to your business and to establish eligibility, please call one of our in house specialists – the launch date of CBILS is the 23rd of March 2020.