Published: September 11th, 2020
Deadline now extended until 30 November 2020
Businesses are being urged to apply for loan help from a Government-backed scheme before it is too late.
New applications to the Coronavirus Business Interruption Scheme (CBILS) are currently due to close on September 30.
CBILS launched in March and was one of a number of Covid-19 business loan schemes announced by the Government to help companies hit by the Coronavirus lockdown.
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million, with the government guaranteeing 80% of the finance to the lender and paying interest and any fees for the first 12 months.
You can apply for a loan if your business:
is based in the UK
has an annual turnover of up to £45 million
You need to show that your business:
would be viable were it not for the pandemic
has been adversely impacted by the coronavirus
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.
There are over 50 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender’s website.