The Coronavirus Business Interruption Loan Scheme (CBILS) is a government-backed initiative to help support the small business community. It enables any SME to apply for funding of up to £5million.
Initially, it was perceived that the scheme was designed for business survival or refocussing but in fact its uses can be far more diverse. For example, if your business is going through a growth initiative then CBILS can be an ideal solution to help.
The following scenarios are some of the most common usages for a CBILS loan:
- Any business that is currently struggling and needs a cash injection
- Any business that is looking to diversify into a new industry sector
- Any business that is introducing new products or services
- Any business that is looking for new premises
- Any business that is looking for new equipment
- Any business that is looking to recruit new employees
Ultimately, CBILS is a highly flexible scheme designed to help all. If you fit the small business criteria, then it is likely that a suitable finance deal can be sourced. In fact, many businesses don’t realise that they can have more than one CBILS finance package as long as they meet the criteria.
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