Apply now for a CBILS loan before the scheme ends on 31 March

The deadline for applying for a loan through the Coronavirus Business Interruption Loan scheme is fast approaching, so you need to act now to get your application approved by 31 March.

Our team can help you with the process, as we have access to over 30 of the CBILS accredited lenders, including the banks and lenders who are not on the High Street, plus a much wider panel of commercial lenders for non-CBILS facilities.

Benefits of the CBILS scheme

The CBILS scheme has a number of products available in addition to 'standard' term loans: some are secured on invoices, some on property and some are completely unsecured. They all come with a range of benefits, rarely available with normal commercial lending, such as:

1. No repayments for the first 12 months
2. All fees covered by the governmentfor the first 12 months
3. No interest payable for the first 12 months
4. No early repayment penalties

The maximum borrowing requirement is 25% of turnover in 2019, however multiple loans of up to £250K each can be taken from different providers, with no need for personal guarantees on any of them.

How a CBILS loan could help you and your business

You may find it much easier to plan and manage your business when you have surplus cash reserves. Business decisions can then be made based purely on commercial judgement, rather than being led by liquidity concerns. Should you not require the funds, they can be repaid in full before the repayments begin with no early settlement penalty at all.

We know that lenders are taking some time to process applications now, so please do get in touch without delay if you would like to discuss the possibility of a new CBILS facility being approved. Contact Catherine Lambeth on catherinel@knilljames.co.uk and she will be delighted to assist you.