As part of the Government’s CBIL scheme, Compass Business Finance is offering interest free loans of up to £250,000 with 12 months capital.
The loan terms are between two and five years with no upfront or early settlement fees, they are delivered via a faster and simplified application process, enabling loan decisions to typically be made within 24 hours.
To be eligible for one of these loans, businesses will need to meet the following criteria:
- UK-based business that’s been adversely affected by coronavirus
- Turnover of up to £45m
- 3 years of trading history
- Over 50% of turnover from trading activity
- Loan is for business purposes
- Loan primarily for trading in the UK
‘New opportunities for business support are becoming available all the time, being able to offer loans that include the first 12-months capital and interest free is a major step forward,’ said director Jamie Nelson. ‘The changes in the application process are also a significant improvement, as this has been the cause of much pain to businesses to this point.’
Compass Business Finance is inviting applications with immediate effect.
