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Launched earlier this year, CBILS was designed to provide financial support to small- to medium-sized businesses that have been hit by the novel coronavirus (Covid-19) pandemic and seen their cashflow disrupted as a result.

Though further disruption is expected in the market, the government has no plans to extend the scheme, with CBILS set to conclude at the end of September.

As such, Compass Business Finance is encouraging businesses to look at their working capital requirements and any planned investments that they may have over the next 12-18 months now, while CBILS is still available.

David Bunker, director of Compass, comments: “Depending on the term of the finance, having the first 12-months of interest, as well as any upfront fees covered can represent savings of up to 56% against what you’d have paid previously or will have to pay once the scheme finishes – this is why we’re encouraging people to contact us now.”

Once a business is approved for finance and an offer made, they have up to six months to decide whether they need it”

Offers of finance via the scheme are valid for up to six months, without any obligation, and should an offer be taken up, all fees and interest payments are covered for the first 12-months, with some offers having no repayments at all during that time.

Businesses are able to utilise CBILS in a number of different ways to ensure their future viability and success, with many taking advantage of multiple loans that vary in types, but remain under the £5m limit set by the government.

The scheme is open to new applicants as well as businesses that have already used CBILS, but applications will only be accepted until the end of next month.

Once a business is approved for finance and an offer made, they have up to six months to decide whether they need it.

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CBILS support to end in September

Companies seeking help from the government’s Coronavirus Business Interruption Loan Scheme (CBILS) are being urged to apply in good time before the initiative comes to an end on September 30th.