Originally written by fundingoptions on Small Business
The Coronavirus Business Interruption Loan Scheme (CBILS) is proving to be a lifeline for businesses across the UK. Initially designed for those who’ve lost revenue or experienced cash flow disruption due to Covid-19, the scheme can also be used by businesses to grow and develop too. CBILS is part of a broad package of government support for UK businesses and employees.
CBILS loans of up to £5m are available on repayment terms ranging from three to six years. Businesses with a turnover of up to £45m can apply, and £4.97 billion of finance has been approved since the scheme began in March 2020.
If you’re one of the 82,000 plus companies who’ve already received a CBILS loan, did you know that you could be eligible for a second facility?
Who can apply for a second CBILS loan?
To be eligible for a second CBILS loan, you’ll have to meet the same criteria as you did for the first. For instance, you’ll need to show that your business would be viable were it not for Covid-19 and that it’s been negatively impacted by the pandemic.
Applying for a second CBILS loan can provide your business with the cash flow boost