There is still time to apply for Coronavirus Business Loan Schemes (CBILS). Banks and accredited lenders have been given extra time to grant Government backed coronavirus business loans to medium-sized and larger businesses, signalling an extension of the schemes to run beyond this year.
The British Business Bank, the scheme’s administrators, has instructed lenders that applications for CBILS still have to be received by 30th September 2020. However, the date for final approval by lenders has been pushed back to 30th November 2020. Similarly, while the cut off for large CBILS (CLBILS) applications remains at 20th October, the deadline for approving them has been set for 31st December.
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According to the National Association of Commercial Finance Brokers (NACFB),the UK government has lent almost £52 billion to businesses fighting the impact of the COVID-19 pandemic with more than 121,000 firms applying for CBILS in the week to August 9. Over 1.2 million businesses have to date benefitted from loans and guarantees worth £52.65bn through schemes delivered by the BBB. This includes 1,174,854 Bounce Back Loans worth over £35bn, 60,409 facilities worth almost £13.7bn through CBILS and 516 facilities worth £3.5bn through the CLBILS.
The BBB also stated that they are continuing to review applications from a wide range of lender types, from PRA-regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders.
Cornerstone Commercial Finance are specialists in applying for loans, grants, and funding packages.