It’s a hugely uncertain time for SMEs. With Coronavirus shaking the UK economy and forcing many SMEs to close their doors for the foreseeable future, business are faced with greater demands for support, including access to finance.
To help SMEs through this difficult time, the Government have today launched the Coronavirus Business Interruption Loan Scheme, (CBILS). This brand new scheme provides facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Newable, through Newable Business Finance, are able to provide loans from £26,000 up to £150,000.
Delivered by the British Business Bank (BBB), through accredited lenders and partners such as Newable, the CBILS will support the continued provision of finance to SMEs during the Covid-19 outbreak. Extra relief is provided as the Government will also cover the first 12 months of interest payments.
Chris Manson, Newable CEO, commented “In time of exceptional hardship for UK SMEs, we are pleased to see the new scheme up and running so quickly, in response to very real and very urgent demands. From today, we hope the CBILS will provide the finance smaller UK businesses need to help them survive the current economic disruption. At Newable Business Finance, we are proud to be able to support SMEs in this way.”
Philip Reynolds, Managing Director of Newable Lending commented “To mirror the Chancellor’s comments, we are working around the clock to support SMEs. We know businesses are in urgent need of access to funding, and the CBILs is one of many ways we can support SMEs through Covid-19. Our team are working hard to ensure we can process applications effectively and efficiently so we can help as many SMEs as possible.”
Newable are a British Business Bank accredited lender for CBILS and we are here to help as many SMEs as possible.
Businesses can apply today on our website
CBILs Eligibility Check
- Your application must be for business purposes
- You must be a UK-based SME with an annual turnover lower than £45m
- Your business must generate more than 50% of its turnover from trading activity
- Your CBILs facility will be used to support primarily trading in the UK
- You wish to borrow a maximum of £5m (Newable Business Finance can provide loans of £26,000 – £150,000).