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CBILS Loans – Less than a month till 30 September deadline!

The government-backed Coronavirus Business Interruption Loan Scheme (CBILS) is coming to an end soon. Unless there are further announcements from the government, this loan scheme will close to new applicants on 30 September. For all applications that are submitted by this date, lenders will have a further two months (until 30 November) to process them and make a decision.

Due to this looming deadline, many lenders are experiencing a high volume of applications, and therefore it is recommended that businesses considering this loan scheme should finalise their application as soon as possible.

As a reminder, the full rules of the scheme and the list of accredited lenders are available on the British Business Bank website.

Another government-backed loan scheme soon to approach its deadline is the Bounce Back Loan Scheme (BBLS) which will close on 4 November 2020.

For additional options that businesses can consider for their funding needs, read this article on short-term funding alternatives.

Need support?

If you need support for business funding, our Corporate Finance team can help guide you through choosing the most suitable options as well as the specific application process. Get in touch with us today for further support.

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