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This note focuses on the new Coronavirus Business Interruption Loan Scheme (CBILS) which is expected to be available during the week commencing 23 March.
At the time of writing it seems that some of the precise details are still being worked through. Nonetheless, in the interests of sharing information as we come across it, please follow the attached link to the British Business Bank (BBA) website for additional context and detail - click here to read.
This, together with access to your existing bank or finance provider website will hopefully start to set you on the right path to finding out more. No doubt these sites will be updated as the details start to settle. Indeed the Government have now said they will cover the first 12 months of interest rather than the first 6 months which they originally announced.
According to the BBA website, CBILS supports a “wide range of business finance products”, including:
The maximum value of a facility provided under the scheme will be £5 million. Full eligibility criteria is expected to be published this week.
Demand is expected to be high.
Clark Benefit Consulting Limited