The Coronavirus Business Interruption Loan Scheme has supported many small businesses across the UK who have been adversely affected by the coronavirus. As we wrote earlier, applicants which went through a broker were 33% more likely to be successful through the scheme than if they applied by themselves.
But don’t delay! The scheme is scheduled to close on 30th September. This means that small businesses who require finance but wait until beyond this deadline, may not be entitled to the same benefits (such as no interest payments for 12 months). Note that banks will have three weeks after this deadline to process outstanding applications.
It is understood that the government will make an announcement on the scheme in a few weeks, but this is expected to be how the scheme is either wound down, or replaced by something similar to the previous Enterprise Finance Guarantee Scheme which existed before Covid-19. We will find out in due course.
If you want to find out if your business is eligible for a CBILS loan before the deadline, speak to your local director.