The government support packages designed to help businesses through the coronavirus crisis and lockdown are coming to an end. This means that time is running out to apply for government-backed business finance, such as the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS).
If you are considering a government-backed loan to help your business out of lockdown, here are the dates you need to look out for:
You need to get your application in by these dates. Lenders then have until 30 November to process them.
Remember too, that if you had previously not applied because you were concerned that your business might have been deemed as "trading in difficulty" before the pandemic hit, this restriction was removed on 30 July.
The government’s Coronavirus Job Retention Scheme - also known as the furlough scheme - is due to end on October 31, 2020. The scheme was originally due to end on June 30, but the government extended it by four months as it became apparent that the effects of lockdown would be more far-reaching than initially thought.
Applying for finance can seem daunting, with lots of information to gather and multiple lenders to choose from. With a deadline fast approaching, the pressure can feel even more intense.
So let us help you.
The regulated brokers that we can direct you to have supported many small and medium sized businesses during lockdown across a wide and varied landscape, ranging from well-established profitable businesses to younger enterprises still finding their way in their first year of trading. We have also been successful in finding funding for businesses that have been declined by their own bank through our access to the alternative funding market, which is very much open for business.
We know what information is needed, by what lenders and can help you put it together in a way that will give you the best chance of success.
Businesses of all shapes and sizes across the worst impacted sectors have benefitted from having an experienced broker fighting their corner. In fact, statistics show that you are 33% more likely to have your application approved by using a good NACFB registered intermediary* than if you go it alone.
Whether you need to put special measures in place to meet Government guidelines, need a helping hand with cash-flow, or you have a planned capital expenditure project to fuel your growth, call us now to discuss your requirements and make sure you are sufficiently well funded for the coming 12 months.
We look forward to receiving your enquiry.