Can your firm still benefit from CBILS?
Yes! And even if you were one of the lucky few businesses that have secured a CBILS facility already, there is still time to apply for another. Fortunately, here at Credo, we have access to additional lenders who can consider a further facility of up to £250k.
The scheme has been extended to 31st January 2021!
This means that you can still lodge an application via Credo until 31st January 2021. As it stands new applications cannot be lodged after this point.
As of 18th October, just over 73,000 firms had benefitted from a CBILS facility, a total lend of £17.16bn. Many of these firms have benefitted from multiple facilities.
If you’ve already accessed a facility via your bank and still feel your business could benefit more from the scheme, there’s potential for further access. If your current borrowing on the scheme is less than 25% of your company’s annual turnover, then please get in touch as we could help you further.
Questions to ask yourself before considering this;
- Under the scheme, how much have I already accessed? What was my annual turnover in my last set of accounts?
- In the next 12 months, am I confident that my company’s cashflow will not need any support?
- Can I utilise this loan facility to benefit my business for the next 12 months and further?
If you would like to discuss your options then give us a call today and let us do the hard work.
