British Business Banks deadline for COVID loan schemes
The government has given CBIL Lenders extra time to grant state-backed loans to medium-sized companies and larger businesses in an extension of COVID-19. The British Business Bank wrote to accredited lenders last week saying that applications for CBILS had to be in by midnight on the 30th September with several lenders saying that they will only accept applications up to middday. They also said that accredited lenders will have up to 20th October to approve cases.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
To assist with the growing anxiety experienced by many businesses across the UK, CBILS will provide funding facilities via a wide range of commercial finance products from £50,000 up to £5 million, in the form of:
- Asset Finance (terms up to 6 years)
- Invoice Finance (terms up to 3 years)
- Property Development (terms up to 2 years)
- Term Loans (terms up to 6 years)