CBILS Extended Until March 2021
Is your business looking to purchase equipment, machinery or vehicles
within the next 6 months?
Then you need to consider using the CBILS scheme, you could be saving your business £1,000’s
The government have once again shown their support to British businesses by extending the CBILS deadline to March 2021.
This is a great opportunity to invest and give continuity to your business in this most challenging of times.
WHAT IS A CBILS LOAN?
CBILS – Coronavirus Business Interruption Loan Scheme is a government back funding scheme available to help UK businesses access funds and to be able to continue to operate their businesses through the continued effects of the COVID-19 pandemic.
DO I QUALIFY? – General criteria
Loans must be for business purposes only
Not have been classified as a business in difficulty prior to March 2020
Over 50% of your turnover must be from your trading activity and not investments
UK Based business adversely affect by COVID-19
Minimum turnover of £200K
You can apply for up to 25% of your last year’s turnover in the form of a CBILS loan.
HOW IT CAN BENEFIT YOU?
No Interest payments for the first 12 months this supported by the government
Borrow from £50K to £250K (higher amounts are available but security may be required)
No arrangement fee’s
No security required
No personal guarantee’s
Repayment terms up to 6 years
WHAT CAN I USE THIS MONEY FOR?
WHAT INFORMATION DO I NEED TO PROVIDE?
Latest trading accounts
6 months bank statements
Details of the business and directors
In some circumstances, management information may be requested.
I HAVE A BOUNCE BACK LOAN?
You cannot have a BBL and a CBILS loan together but you can apply for the CBILS as long as you payback the BBL, you can do this by adding the BBL to your new CBILS loan if you do not have the available funds.
We will make an initial assessment of eligibility and walk you through the process to completion.
Applications MUST be submitted before March 31st to qualify.
ASSET FINANCE NORTHAMPTON LTD DO NOT CHARGE YOU THE CUSTOMER ANY ARRANEGMENT FEE’S, THESE ARE MET BY THE LENDER.
Call today to discuss your project and how we can support your business.