24th September 2020 – CBILS Extension Confirmed
Today the Chancellor of the Exchequer, Rishi Sunak, has announced that the Coronavirus Business Interruption Loan Scheme (CBILS) deadline has been extended until 30 November 2020.
This means that the deadline to apply for a CBILS business loan is now the 30 November 2020, after which all facilities must be offered by 31 December 2020.
This is welcome news for cash-strapped West Midlands based businesses that are still struggling to manage cashflow as a result of the disruption caused by Covid-19.
The CBILS extension, along with other measures, has been confirmed as tighter restrictions have been imposed on businesses across the West Midlands as the country battles an increase in coronavirus cases.
Since the scheme was originally launched in April this year, it has been a lifeline for small and medium sized businesses as the Government makes a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means that smaller businesses benefit from no upfront costs and lower initial repayments.
BCRS Business Loans was one of the first lenders to start delivering the CBILS scheme to West Midlands based businesses at the beginning of April and, as of the 24th September, has delivered loans totalling £6.8 million via the CBILS scheme, which has supported almost 80 businesses.
Stephen Deakin, Chief Executive at BCRS Business Loans, welcomed the news that the Coronavirus Business Interruption Loan Scheme (CBILS) had been extended.
He said: “I am relieved to hear the government’s announcement today that the CBILS scheme has been extended until the 30 November.
“I know today’s announcement is going to be welcome news for businesses across the West Midlands that are still experiencing cash flow issues as a result of the coronavirus pandemic.
“We believe that no viable business should go unsupported and would urge any West Midlands based business that has been affected by the pandemic to submit an initial application form on the BCRS Business Loans website.”
THIS ARTICLE WILL BE UPDATED AS AND WHEN MORE INFORMATION BECOMES AVAILABLE.
The Coronavirus Business Interruption Loan Scheme is managed by the British Business Bank and delivered to businesses via Accredited Lenders such as BCRS Business Loans. If you are based outside the West Midlands, click here to find a local lender in your area.