CBILS has come to an end, but there is still support to be found in the form of the Recovery Loan Scheme (RLS). This is a new scheme that has effectively replaced the CBILS and BBLS schemes and is designed to provide government-backed support to businesses that have been impacted by the COVID-19 Pandemic.
The scheme is available to any business that has been impacted, regardless of if you have had previous support from other schemes, and the funds can be used for any legitimate business purpose. The key difference is that interest and fees will be payable from the outset of the loan, instead of the British Business Bank covering the first 12 months as per previous schemes.
For us as a brokerage, the key thing for this scheme is that it is designed to firstly give confidence to lenders to lend where they might have declined without government support, and secondly to potentially improve an offer of finance by giving added support. This is great for the business and us, as we are confident we are getting the best possible deal.
There are new lenders being accredited every week, and we have the ability to work with them all, so if you’re considering borrowing to support the recovery and growth of your business give us a call and we will be delighted to discuss options with you.
We are proud members of the NACFB and also sit on their Members Advisory Group, we are also authorised and regulated by the FCA (Number 690089).