With the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) due to end on 30 September, Compass Business Finance has urged businesses to look at their working capital requirements and any planned investments whilst financing is still available.
Launched earlier this year, CBILS was designed to provide financial support to SMEs that have been impacted by COVID-19 and seen their cashflow disrupted. With the effects of the pandemic continuing to present challenges, Compass is urging companies to make any necessary applications before the closing date.
Offers via the scheme are valid for up to six months, without any obligation. Should an offer be taken up, all fees and interest payments are covered for the first 12 months, with some offers having no repayments at all during that time.
David Bunker, director of Compass explained, ‘Depending on the term of the finance, having the first 12 months of interest, as well as any upfront fees covered can represent savings of up to 56% against what you’d have paid previously or will have to pay once the scheme finishes – this is why we’re encouraging people to contact us now.’
Since the scheme was introduced at the very beginning of lockdown businesses have utilised CBILS in a multitude of different ways from solving immediate cashflow problems to financing new assets.
Whether a business has already received finance through CBILS or not, Compass stresses that now is the time to take another look at what you may need and see what is available.
