Originally written by fundingoptions on Small Business
The government’s CBILS and BBLS initiatives are helping SMEs across the UK to access a Covid-19 business loan. On November 2, the Government announced that the Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until January 31 2021.
How do I apply for a government-backed loan?
Applications for the government backed loans schemes – including BBLS and CBILS — will be open until January 31 2021. Companies will have the option to repay their loans over 10 years via a “pay as you grow” initiative. If a business finds itself in “real trouble”, six-month interest-only payments and payment holidays are available.
Currently, there are over 100 accredited lenders providing finance to businesses through the CBILS scheme. Funding Options is partnered with 40 plus of them and you can use our platform to apply for a CBILS loan. The benefit of applying through an accredited partner like Funding Options is that a finance Specialist will help guide you through the process.
What do I need to apply?
Firstly, you must be a UK-based business to apply for government-backed support. For a BBLS loan the lender will ask you to submit a short online application form and self-declare that you’re