Since the launch of the Coronavirus Business Interruption Loan Scheme (CBILS) last month, it has already seen a significant number of changes as it evolves and develops to deliver timely and targeted support to SMEs across the UK.
One of the latest developments is the addition of a Sale and HP Back variant which operates in addition to any support businesses may currently be applying for or receiving through their bank. Businesses can apply to refinance current hire purchase or lease agreements and unencumbered machinery via CBILS to release working capital, providing an increase in funding, potentially lower repayments and 12 months interest free.
David Bunker, director at Compass Business Finance commented: “Developments within the CBIL scheme mean that many businesses who initially struggled to get support now can, via their banks for term loans and overdrafts, as well as through the asset finance and Sale and HP Back variants that we’re offering.”
Navigating the variety of financial support available has always been a challenge and that’s now proving true more than ever. As part of the commitment Compass has to the manufacturing sector, it is offering to talk to any business who would like to explore their options to either provide financial support or signposting.
CBILS is just one of a number of measures announced by Government and you can find full details of the measures to support businesses through this period of disruption caused by Covid-19 via the link at the foot of this article.
Additional resources:
The Business Finance Guide: a guide designed to support businesses experiencing financial challenges as a result of Covid-19: https://thebusinessfinanceguide.co.uk
British Business Bank: Coronavirus Business Interruption Loan Scheme (CBILS): https://www.british-business-bank.co.uk/cbils
Gov.uk: financial support for businesses during coronavirus (Covid-19): https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
Bank of England: Our response to Coronavirus (Covid-19): https://www.bankofengland.co.uk/coronavirus
Compass Business Finance www.compassbusinessfinance.co.uk/CBILS www.compassbusinessfinance.co.uk
