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• 16 Sep

  The Deadline For the CBILS Scheme Looms

  

  UPDATE: CBILS SCHEME DUE TO CLOSE 31/03/2021 - NEW GROWTH GUARANTEE SCHEME ANNOUNCED.

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  The deadline for the CBILS scheme is to close in a short time. It will close to new applications on the 31st March 2021.

  We have received reminders from lenders suggesting that any companies requiring support should not delay in applying, as there is not long left to go. Even if you don't qualify or have been rejected for the scheme there could still be other options available to you.

  DISCUSS YOUR OPTIONS

  CBILS Deadline For Scheme To End

  The deadline for the scheme to end may be as above but an accredited lender may have longer to finish dealing with any remaining applications that are received by that deadline. However, you need to get your application to them beforehand and they are encouraging companies to apply as early as possible.

  CBILS - Coronavirus Business Interruption Loan Scheme

  The CBILS (Coronavirus Business Interruption Loan Scheme) was launched back in March 2020 to help businesses that had been affected by Covid-19. The scheme organised by the British Business Bank sought to make loans to businesses, via 90+ accredited lenders who provide the finance, against a Government-backed guarantee for the majority of the loan's value.

  The idea was that the presence of the guarantee would enable loans to be offered to SMEs that might not have qualified for support under normal criteria.

  Under the scheme, SMEs can access up to £5M where they have experienced reduced income or other cash flow disruption.

  CBILS & Invoice Finance

  CBILS facilities can be accessed on a standalone basis. However, several of the invoice finance providers have become accredited in order to offer CBILS either on a standalone basis or more commonly in conjunction with an invoice finance facility. Several providers have also looked to tailor their invoice finance facilities on the back of the CBILS scheme. At least one provider has dropped the requirement for a personal guarantee to support their invoice finance facility by utilising the scheme.

  If you have been putting off applying, or just need a discussion about what the options might be, now is the time to act before the deadline for applications to the CBILS scheme.

  By Glenn Blackman