The Coronavirus Business Interruption Loan Scheme (CBILS) has been an incredibly beneficial solution for the SME sector. This Government backed initiative has seen over 87,000 successful applications with a total value of approved facilities of £20.84 billion*. These figures will be increasing again soon as the scheme now runs until 31st March 2021.
The team here at NGI have been very fortunate to have helped many clients with CBILS funding, so we have recently compiled a list of some of our recent successful applications:
- £500,000 – obtained for a care service business who needed funding to assist with the purchase of a second business.
- £250,000 – secured for an office maintenance company (facilities management sector) who required the funding for business expansion.
- £250,000 – deal agreed for a car dealership enabling them to bolster their stock levels.
- £150,000 – advanced funding secured for an IT company who were concerned with the impact of Brexit and so wanted to pre-order stock to ensure future demands can be fulfilled prior to any issues with sourcing stock, receiving deliveries and price increases.
- £150,000 – a second CBILS loan secured (following on from a first initial £75,000) allowing a manufacturing company to grow and fulfil all of their commitments in supplying the NHS.
There is still time to apply for a CBILS but we would recommend applying sooner rather than later. To discuss this further please call us on 01993 706403 or e-mail firstname.lastname@example.org.
* Figures as shown on the Gov.uk website – https://www.gov.uk/government/collections/hm-treasury-coronavirus-covid-19-business-loan-scheme-statistics