With the Coronavirus Business Interruption Loan Scheme (CBILS) set to end on 30th September, it’s extremely important that, should you wish to access funding, you begin the process as soon as possible. To be eligible, you must have submitted an application before 30th September, the funder then has up to two months to approve your request.
As a business owner, you will probably have reviewed the cash and working capital requirements of your business on numerous occasions over the last six months and may feel your business is robust and no additional funding is needed.
It is however worth considering some of the benefits of a CBILS loan, which include:
– No repayments for the first 12 months
– All fees covered by the government
– No interest payable in the first 12 months
Circumstances can change quickly as we have all seen, and with a number of deferred tax payments looming over the next six months, it may well be beneficial to have drawn a CBILS facility, even if you don’t need to use it in the short term.
Hopefully the loan is not required and provided it has been repaid in full within 12 months, it will cost you and the business nothing, other than the time taken to submit an application.
For a free 1-2-1 consultation on fundraising and cash flow forecasting please get in touch with your usual PM+M contact to see if this is an option that might be worth pursuing.
This information is correct as of 17 September 2020. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.