We all know that the last few months have been tough for many industries. Even businesses that have been able to trade through lockdowns and restrictions have found that income is decreased. This is partly due to the need for their services has lessened. The good news is that you can now Top up your Coronavirus Business Interruption Loan if needed.
However, there are different ways to get government support as a small/medium business. It is important that you understand your options, so you can make the best financial decision for you and your business.
What is a Coronavirus Business Interruption Loan? (CBIL)
This is a government backed loan for any amount between £50,000 and £5,000,000. However your business must be based in the UK and have an annual turnover of between £200,000 and £45million. You also have to be able to show that your business has been adversely affected by Covid-19.
If you meet the criteria and you are interested in applying for the Coronavirus Business Interruption Scheme then you’ll need to get in touch with one of the 117 lenders that are supporting this to start your application.
They’ll go through the process with you – much of which is similar to any other loan you might undertake with a traditional lender.
This includes proof of ID, details of your business and what you have in place to ensure your able to repay the loan within the agreed timescale.
On top of that, they’ll ask for proof of how your business/industry has been affected by Coronavirus and the future impact this is likely to have on your business.
Can I Top Up Can I top up a Coronavirus Business Interruption Loan (CBILs)?
Recently rules have changed which means that you are able to apply for a top-up, where previously you couldn’t use the loan to re-finance anything already in place.
However, business closures and restrictions have gone on much longer than many businesses have the finances for, so the government announced that they would allow people to take out a second top-up CBILs if needed.
Of course, the same criteria would apply and you’d need to speak to a lender about eligibility and what that all means for your business – it is important that everything is the right thing for you and your business.
All Star Funding Can Help
Whether you’re applying for your first Coronavirus Business Interruption Loan or you want information on whether a top-up is the right thing for you, get in touch with our team today.
We’ve been open throughout the pandemic helping businesses of all sizes get the financial support they need. We understand that undertaking any loan is a big decision and it has to be the right one for your business.
Have a chat with our friendly team today, who will be happy to talk you through the options and discuss your needs with you. Leaving you feeling confident that whatever financial decision you make, it is the right one for you.
Get in touch
Please click below or call 0161 8211478 to speak with one of our specialists.
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Asset Based Lending • Asset Finance • Business Loans • Cashflow Finance • Factoring • Invoice Discounting • Single Invoice Finance • Trade Finance • Stock Finance • Credit Insurance