Coronavirus Business Interruption Loan Scheme UK

In response to the COVID-19 pandemic, the UK Government introduced various financial support measures and business loans to help those who are experiencing cash flow disruption due to the pandemic. One of those measures, The Coronavirus Business Interruption Loan Scheme (CBILS) was available to eligible businesses to apply until 31st March 2021. Whilst the application for funding is now closed to businesses, there are further funding options available to help your business get back on its feet.

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Coronavirus Business Interruption Loan Scheme UK
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Although the CBILS loan scheme has ended, there are other alternative finance products that can help with your business with funding if you’re still unable to open or trade at capacity. As a trusted lender, we’re able to offer a variety of business loans for companies of all sizes, to help bridge funding until it’s business as usual.

CBILS loan

The CILBS was a scheme introduced by the Government in response to the COVID-19 pandemic to help more SMEs across the UK to access the funding they need to get through the challenging times of lockdown. Whilst the scheme has now ended, there are other alternative finance products that can help with your business with funding if you’re still unable to open or trade at capacity.

Whilst this type of funding has stopped, there are plenty of other options for businesses in the UK. As a trusted lender, we’re able to offer a range of business loans to suit your individual company's needs and budgets.

What other types of loans are available for UK businesses?

If your business is still unable to trade at maximum capacity or needs further funding as the pandemic restrictions are in place, there are a few different options available for your business to keep your business afloat until your business can open up again.

  • Revolving Credit Facilities- a type of funding available to borrow short term

  • Invoice financing- a loan offered based on outstanding funds from your business

  • Asset finance- a loan for businesses based on their assets such as property

  • eCommerce finance- a loan for financing online shops or websites selling goods and services.

  • Other business loans- there is a range of loans available for your business

Revolving Credit Facilities 

Like a credit card, a Revolving Credit Facility is a kind of loan for businesses that allows them to borrow an amount of money to cover a short term need such as wages or to buy more stock, before paying it back. Of course, as with all other loans, there is a small amount of interest owed but once a business has paid back its revolving credit, it’s eligible for the exact same amount- much like a credit card balance.

Many SME’s enjoy this type of lending during the lockdown as it allows them to cover an outstanding bill or payment and pay it back quickly.

Invoice financing

Depending on the type of business you’re running, you may find invoice financing a viable option for borrowing money in the shorter term. Invoice financing is based entirely on the amount owed to a business by outstanding invoices and is particularly good at easing cash flow to over things like wages and short-term outgoings. Invoice financing gives businesses instant access to any money owed, without the typical payment terms of invoices which can be anything between 14 and 90 days.

Asset financing

Also known as asset-based lending, asset financing is another great alternative for businesses that have physical assets such as vehicles, commercial property or machinery that has high value. Asset financing can offer larger businesses more flexibility when it comes to financing as the overall loan amount is based on a number of assets and balance sheets, not just one aspect of the business.

eCommerce financing

Whilst this is specific to online businesses, eCommerce financing is a great way for start-up businesses and SME’s to fund their website and online assets. Even though eCommerce businesses typically have lower running costs and outgoings, they still need funding especially through such unprecedented times as a pandemic. Many online businesses take out eCommerce loans to help buy more stock and manage their shorter-term cash flow.

Other business loans available

There are a number of ways to secure funding as a business- no matter how big your company may be. Whether you need financial support re-opening a shop or hospitality venue after restrictions ease or simply need help with cash flow, there's a loan to suit your needs.

Although the eligibility criteria, interest rates, and overall costs will depend on your individual business needs, our helpful guide to business loans will help explain what to expect as well as lay out the options clearly.

Our loans calculator will give you a rough estimate of how much your business can borrow as well as further information about speaking to one of our advisors.

Ongoing financial support for your business after COVID

Our Finance Specialists are here for your business throughout the COVID pandemic and beyond. To see what funding your business could be eligible for request a quote today. Just tell us what you need and what it’s for and our algorithm will compare over 120 lenders, before matching you with the right finance options for your needs.  Your quote won’t affect your credit score.

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