Last Thursday, the Chancellor, Rishi Sunak, announced his Winter Economy Plan. The various schemes included an extension to the application deadline for the Coronavirus Business Interruption Loan Scheme (CBILS) until 30th November 2020, and the ability for lenders to extend loan repayment terms from the current maximum of 6 years, to 10 years.
So, does this extension for loan repayment make a positive difference?
Mark Foale, from ASC Business Finance, London said, “absolutely. I’ve had a number of clients who have not been able to take advantage of the scheme to date because the repayment terms were not favourable. With repayment amounts per month now effectively halved, I’m expecting many more small businesses will now apply for a loan.”
Since the launch of the scheme, ASC have raised CBILS loans for several clients including:
- a £250,000 interest free loan that took only 3 weeks to complete
- £130,000 to support a plumber during these challenging times
- £100,000 for a Halal wholesale butcher based in Hounslow, West London.
With the British Business Bank website warning that phone lines are likely to be busy and branches likely to not be able to handle enquiries in person, using a finance expert like ASC is the simplest solution.