SWIG Finance welcomes yesterday’s announcement from Chancellor Rishi Sunak that the Coronavirus Business Interruption Loans Scheme (CBILS) is being extended until the end of November 2020.
This means that any businesses who are experiencing difficulties as a result of COVID-19 and are yet to apply now have up until 30th November 2020 to submit an application.
The support offered through CBILS means that any arrangement fees and the first 12 months interest will be paid by the government (however, the borrower will remain wholly responsible for 100% repayment of the loan facility).
The extension offers a further lifeline to businesses who are struggling to manage cashflow disruptions resulting from the ongoing pandemic.
Since its launch, SWIG Finance have delivered over £1 million to small businesses in the South West via the CBILS scheme.
SWIG Finance’s Managing Director, John Peters said; “We welcome yesterday’s news announcing the extension of CBILS until 30th November.”
“There are many smaller SMEs in our region that are experiencing issues resulting from COVID-19 but are yet to take advantage of the scheme. We would recommend that these businesses get in touch for an initial discussion as soon as possible.”
Who can apply? SMEs with fewer than 250 employees and a turnover under £45 million can apply.
SWIG Finance works with SMEs based in the South West. We welcome conversations from any business owners in the region who are considering applying 01872 227 930 / info@swigfinance.co.uk
You can download our ‘Criteria & Eligibility’ information sheet here.
Alternatively, for more information or to apply, you can visit our dedicated CBILS webpage here.
Do you Need Business Finance? Check out this blog from our Business Manager Jordan Berg; https://www.swigfinance.co.uk/do-i-need-business-finance/
If you are based outside of the South West, please refer to British Business Bank to find a suitable lender.