Back in December we mentioned the benefits of CBILS (Coronavirus Business Interruption Loan Scheme) finance and how, due to its versatility, it can be a fantastic resource for all business types. Time is fast running out though, as the scheme is due to end on 31st January 2021.
CBILS is a truly diverse funding option. It is a great way to upgrade a complete fleet of refrigerated vehicles, or simply just extend your fleet. Additionally, if you do not yet offer home deliveries, now is no better time to start. In today’s consumer climate, there has been a huge increase in demand for home deliveries. The bigger your fleet the more capacity you are able to take on. If this expansion has been postponed due to funds, this is the perfect chance and should be fully utilised.
This government initiative really has been a great boost to the business landscape. The fact that the first year of interest is paid by the Government along with any upfront fees, together with a capital repayment holiday, means that businesses don’t have anything to pay until month 13. Decisions are relatively quick, within 48-hours, loans can be arranged up to £250,000 with no security and you can select your repayment term from 2 to 5 years.
Our selected business finance partner, NGI Finance have provided us with all the information in relation to CBILS. They are also on hand to offer any advice or answer any questions that you may have.
As a final note, a key point to remember is that even if you applied for CBILS funding earlier in 2020 you can still apply for a second round. If you need some additional business funding then we suggest you explore how a CBILS facility can help, but you need to be quick as the scheme is due to end on 31st January 2021.
Why not speak to NGI Finance, they would be delighted to help. Please call them on 01993 706403 or e-mail enquiries@ngifinance.co.uk.
