News

Home – News

The dreaded ‘B’ word

The Dreaded ‘B’ Word | Cashflow Boost To Help With Brexit | Improving Cashflow | CBILS

With all the talk of Coronavirus and national lockdown it is easy to forget everything else that is happening and probably one of the most topical subjects in recent years for the UK has been Brexit. With the announcement in December that the UK has now exited Europe, there are new rules in place that will affect travel and how business trade is initiated across Europe.

For example, if a business was to continue to export their products to European countries then they need to be aware on rules for exporting, importing, tariffs, data and hiring. Fortunately there is lots of guidance available on the HMRC website for all businesses wanting to find out more, simply use their Brexit checked.

Businesses that are preparing for all the additional demands that Brexit will bring, will have explored how they need to comply and will also have calculated what new revenue streams they need in place to cover all the associated costs. Undoubtedly, there will be lots of hurdles to overcome and it is likely that a boost in cashflow will be needed to allow businesses to navigate through the complexities they will face.

Fortunately for the next 3 months there is help available thanks to the Coronavirus Business Interruptions Loan Scheme. For any business looking for business finance to aid with Brexit costs they will be able to take advantage of CBILS. This scheme can provide funding of £50k up to £1m over a 6-year term. There is nothing to repay until month 13 and the Government will pay for all interest in the first 12 months. Also, there are no early repayment fee’s. The only downside is the scheme is due to finish on 31st March 2021, so we recommend any new applications are made sooner rather than later.

To discuss your funding needs in relation to Brexit please feel free to call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.