0800 9774833

Blog

Government further expands new loan scheme to support more businesses

06/04/2020

The government has announced a significant expansion to the Coronavirus Business Interruption Loan Scheme (CBILS), effective Monday 6th April.

The scheme was introduced to help businesses who are struggling financially due to the effects of the current COVID-19 pandemic to access vital funding to support cash flow.

Under the scheme, eligible businesses can apply to borrow up to £5 million from lenders in the form of a loan, overdraft, invoice finance or asset finance. The government is guaranteeing up to 80% of any losses incurred to encourage them to lend more freely, and paying the first 12 months’ interest on the loan as well as any arrangement fees.

But after initial criticism, the government has acted quickly to increase eligibility.

What new measures have been introduced?

The changes to the scheme have been made in the hope that more business will be able to rely on it. This includes opening up the scheme to all small businesses, rather than just those who lacked sufficient security and are unable to secure commercial finance otherwise.

The changes include:

It is hoped that these changes will increase the number of businesses who are eligible to benefit from the scheme.

Use our quote tool to get an instant indication of a potential facility structure, interest and monthly repayments, based on the current market:

Why are these new measures needed?

As the COVID-19 pandemic continues to disrupt daily life, many businesses are feeling the strain. These measures aim to give businesses access to much needed capital that they can use to keep themselves afloat during this period.

As time goes on, more and more businesses will find themselves looking to lenders and banks for support, and with the CBILS scheme, the government hopes to ensure that this support is available to as many businesses as possible.  

If you find yourself needing to access commercial finance, we can help. To speak with one of our funding experts, call 0800 9774833 or request a call back at a convenient time using the form below.

Request a call back




Submitting your details indicates your acceptance that your personal data will be processed by the Hilton-Baird Group of companies in line with our Privacy & Cookies Policy.

Comments

Some of the funders we work with

  • Catalyst Finance
  • Investec
  • Pulse Cashflow Finance
  • Regency Factors
  • Secure Trust Bank
  • Davenham Trade Finance
  • Shawbrook Business Credit
  • Nucleus Commercial Finance
  • Lloyds Bank Commercial Finance
  • Merchant Money
  • 1pm
  • Barclays
  • Skipton Business Finance
  • Close Brothers Invoice Finance
  • Spotcap
  • Partnership Invoice Finance
  • Royal Bank of Scotland
  • Giant
  • Asset Advantage
  • Trade Finance Partners
  • Haydock Finance Ltd
  • InvoCap
  • Metro Bank SME Finance
  • PNC Business Credit
  • Leumi ABL
  • Berkeley Trade Finance Ltd
  • IGF Invoice Finance
  • Gener8 Finance
  • Davenham Asset Finance
  • Positive Cashflow Finance
  • iwoca
  • Aldermore Invoice Finance
  • ABN AMRO Commercial Finance
  • MarketFinance
  • Calverton Finance
  • Bibby Financial Services
  • GapCap Cashflow Finance
  • Creative Capital
  • Peak Cashflow
  • Boost Capital
  • Woodsford Tradebridge
  • Team Factors
  • Santander Corporate & Commercial
  • Roma Finance
  • Innovation Finance
  • Ultimate Finance Group
  • 4Syte
  • inFund

Authorised and regulated by the Financial Conduct Authority (FCA number 730445)
We are a credit broker and not a lender and offer credit facilities from a panel of lenders

Our website uses cookies. For more information about managing cookies, visit our Privacy and Cookie Policy. Continue