The Government has extended its Coronavirus Business Interruption Loan Scheme (CBILS) giving businesses until 31st January 2021 to apply to their chosen provider.
ART Business Loans is an accredited CBILS provider and has supported many businesses across the West Midlands, including new and existing borrowers, since the scheme was launched on 23rd March.
Businesses can borrow between £50,001 and £150,000 from ART using the scheme and the terms are highly favourable:
• The Government, through British Business Bank, is paying the first year’s interest and lending fees
• There are no early repayment penalties
• Reduced interest rates are available
• No personal guarantees are required on ART CBILS loans
• You can have more than one CBILS loan
Although the Government has initiated this scheme, businesses need to be aware that if they borrow they do remain liable to repay the loan. If you are planning to borrow, that means you should think carefully about the profit you will need to generate to make that possible, as you would with loans under normal circumstances, and ensure you are not storing up trouble for the future.
ART also continues to provide loans from £10,000 to £150,000 to businesses which may not qualify for a CBILS loan. These loans can also be used by businesses who wish to retain their Business Bounce Back Loan (BBL) with their existing provider, but need a little extra funding.
Steve Walker, Chief Executive of ART says: “We are very much open for business both to our own client base and new borrowers who have not been able to obtain their full needs from the banks. Throughout this pandemic we are remaining true to our mission of helping businesses to access the finance they need to survive and thrive, protect and create jobs.”December 10, 2020 8:24 am