Date posted: 16th Sep 2020
The Coronavirus Business Interruption Loan Scheme (CBILS) is set to close for applications on 30 September 2020.
If you are still thinking about borrowing under the scheme before it ends, you need to take action now.
Here are some further considerations to be aware of:
- If you already have a Bounce Back Loan, you can still take a The Coronavirus Business Interruption Loan Scheme
There are no rules stopping businesses from taking a CBILS loan and repaying their BBLS loan. However, you can’t hold both at the same time. This means that if a business takes a CBILS loan, they’ll need to repay their BBLS loan.
- You can refinance existing debt into The Coronavirus Business Interruption Loan Scheme
You can, in certain circumstances, use CBILS to refinance existing debt. If doing so would lead to the business being on a more stable financial footing, then a CBILS loan could (in principle) be used for that reason.
- The Coronavirus Business Interruption Loan Scheme isn’t just for emergency funding
Some lenders may only accept applications to cover emergency cash flow requirements however, borrowing for growth or expansion is acceptable under the scheme.
If you have any further questions or would like to progress this opportunity, please just give us a call on 01325 349700 or email us here to find out how we can support you.