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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
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Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
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Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
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The Coronavirus Business Interruption Loans Scheme (CBILS) closes to applications at the end of this month. Businesses have just days left to apply for business loans, invoice finance, asset finance and overdrafts that offer 12-months interest free and payment holidays. CBILS lenders will then have until the end of November 2020 to process all CBILS applications.
Data published this morning by HM Treasury shows that a total of £15.45bn to 66,585 businesses was lent under CBILS; an approval rate of 47%. The larger CBILS loan scheme has lent £3.84bn and bounce back loans have totalled £38.02bn of lending to over 1.2 million businesses.
The job retention scheme ends next month, and the hospitality industry now faces increasing restrictions on trade. As the economic outlook worsens, many small businesses may find their cashflow is restricted as customers take longer to pay invoices or even fail to pay at all. Other businesses will have had a cashflow hit after a period of reduced income and now need cash to pay returning furloughed staff. Money using CBILS either through an invoice finance scheme to release cash quickly from unpaid invoices or a loan to help boost reserves could be useful to help businesses survive the potential turbulence of the coming months.
Ultimate Finance, a CBILS lender offering invoice finance, asset finance and term loans to businesses helped a specialist contractor with a £500,000 CBILS to help them bridge the gap between having to pay returning furloughed staff and receiving income from projects to be completed. As an existing Ultimate Finance customer, the business did not need to provide additional security and had a capital repayment holiday of 3 months.
Melanie Howarth, Relationship Manager at Ultimate Finance says, “The Business Interruption Loan Scheme has been very popular with our existing clients and new prospects, be it through our Invoice Finance, Asset Finance or Bridging Finance facilities. It’s great to be able to help UK businesses stand strong against the impact of the pandemic through our accreditation by the British Business Bank. The term loan enabled our client to retain their staff and prevent any redundancies, which is a relief. They’re now in a great position to take on new contracts and make up for lost revenue”.
For some businesses there may also be the opportunity to use funds from CBILS to improve their business for the future, such as investment to allow them to diversify into new business areas or to improve their current processes.
Small and medium sized businesses that are viable and have been trading for at least three years can still apply for a business loan of between £50,000 up to £5 million under CBILS. With the deadline so close businesses will need to make sure their application has a strong likelihood of success with their chosen lender to avoid missing out. Alternatively, businesses can deal with a specialist CBILS broker that will quickly access their application and identify a lender or lenders most likely to agree a CBILS loan.
Read the full eligibility criteria in our guide to CBILs or arrange to speak with our preferred specialist CBILS broker.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The Chancellor is expected to announce a new government backed loans scheme for businesses, But how has the current scheme CBILS performed and what options might businesses consider?
The Chancellor is expected to announce a new government backed loans scheme for businesses
The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications. The Chancellor announced a new Recovery Loan Scheme will take its place.
The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications
Rishi Sunak, the Chancellor has announced that the deadline to apply for a Coronavirus Business Interruption Loan and a Bounce Back Loan has been extended to the end of November. The series of measures to support businesses during the winter months and then beyond has been called ‘pay as your grow’.
Rishi Sunak, the Chancellor has announced that the deadline to apply for a Coronavirus Business Interruption Loan and a Bounce Back Loan has been extended to th
The Chancellor has recently announced the extension of CBILS to end January 2021. The scheme that offers business loans, invoice finance, asset finance and business overdrafts is open to businesses that need finance due to Covid-19 affecting their trade.
The Chancellor has recently announced the extension of CBILS to end January 2021
The Chancellor is expected to announce a new government backed loans scheme for businesses, But how has the current scheme CBILS performed and what options might businesses consider?
The Chancellor is expected to announce a new government backed loans scheme for businesses
The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications. The Chancellor announced a new Recovery Loan Scheme will take its place.
The Coronavirus Business Interruption Loans Scheme (CBILS) has now closed to applications
Rishi Sunak, the Chancellor has announced that the deadline to apply for a Coronavirus Business Interruption Loan and a Bounce Back Loan has been extended to the end of November. The series of measures to support businesses during the winter months and then beyond has been called ‘pay as your grow’.
Rishi Sunak, the Chancellor has announced that the deadline to apply for a Coronavirus Business Interruption Loan and a Bounce Back Loan has been extended to th
The Chancellor has recently announced the extension of CBILS to end January 2021. The scheme that offers business loans, invoice finance, asset finance and business overdrafts is open to businesses that need finance due to Covid-19 affecting their trade.
The Chancellor has recently announced the extension of CBILS to end January 2021
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.