According to recent Government statistics an incredible £35 billion has already been provided to over 800,000 small businesses through the Coronavirus Business Loans Scheme (CBILS). However, it is clear that CBILS will be required for the foreseeable future and demand is only going to get higher.
Any small business is always concerned with late payments, so the CBILS scheme is providing vitally important cashflow for the SME sector. It also enables businesses to offer slightly longer payment terms so that business owners are not having to experience the unwanted pressures of living hand-to-mouth and not being able to offer acceptable credit terms.
CBILS can support any business that is in need of a cash injection through means of a business loan, asset finance or invoice finance. Statistics from HM treasury show that around 80% of Bounce Back loans are approved, whereas CBILS approval remain at around 50%. The general consensus is that loan applications are rejected due to the quality of information submitted and that businesses will have a much better success rate if they apply through a broker. A broker will review individual needs and then tailor the application to lenders who would be most suited.
If you have any question regarding CBILS please feel free to call us on 01993 706403 or e-mail firstname.lastname@example.org, we would be delighted to help.