The scheme rules have changed with CBILS and Bounceback Loans over the last week or so, and it's great news.
Originally, you couldn't use either loan to re-finance anything already in place.
However, businesses generally have approximately three months of cash reserves to live on and, even after taking out one of these Government loans, several were finding that they still didn't have enough money to get them through.
For some, it was simply a case of them underestimating how much they needed in the first place. For others, they had subsequently spotted an opportunity they wished to grab, or, now that they were back in business, they found they needed to re-invent themselves and the small amount of capex this needed just wasn't there.
Up until recently, that would have been it, but now you can take out a new or second top-up CBILS and get the extra money you need.
You still can't have a CBIL and a Bounceback Loan together, but you can simply pay off the Bounceback with the new, larger CBIL.
We can facilitate this with your own bank or, indeed, the alternative funders we partner with.
Remember you are 33% more likely to have your loan approved by using a good broker than if you apply on your own.
Call us now if this applies to you and we can talk you through the best options for your business.