The clock is ticking for businesses that wish to apply for support via the Coronavirus Business Interruption Loan Scheme. Applications need to be submitted by midnight on September 30th . Any business who meets the criteria has until then to complete the application process.
We should add that this deadline also applies to the “little brother scheme” known as the bounce-back loan scheme. Under this scheme the maximum available to borrow is the lower of £50k or 25% of your annual turnover.
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
A panel of approved lenders (which includes all the mainstream commercial banks) can provide up to £5 million in the form of loans, overdrafts, invoice finance and asset finance.
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
Our administration of all the Government support schemes applications on behalf of our clients has been 100% successful.
We have secured funds rapidly for them to inject into their business at the extremely attractive terms offered under the CBILS packages (and the bounce back loan scheme).
If you need support in completing your application for this scheme before the deadline on September 30th – please email Murray Patt as soon as possible.
