Budget 21: CBILS replacement will provide much needed support
Budget 21: White Oak Leases & Loans has welcomed Chancellor Rishi Sunak’s announcement that the Coronavirus Business Interruption Loans Scheme (CBILS) will be replaced with a new recovery loans scheme when it winds down.
Andy Davies, managing director of White Oak Leases & Loans, said that government-backed loans have provided small to medium enterprises (SMEs) with vital support during the pandemic.
He added: “It’s positive to see that support will remain.
“Non-bank lenders were able to move swiftly at the beginning of the pandemic to adapt to delivering new products like CBILS and it is that ability to be agile and flexible that will be key to the success of the Recovery Loan Scheme.
“Over the course of the pandemic we have provided over £250m in CBILS loans to businesses, but there remain businesses that need financial support and we are positive that this new scheme and non-bank lenders like White Oak can deliver that.”