Funding 365 urges SMEs to apply for CBILS
Funding 365 is urging small and medium-sized enterprises (SMEs) to apply for the Coronavirus Business Interruption Loan Scheme (CBILS) before the end of March deadline.
The firm has received a further increase in its CBILS allocation from the British Business Bank to be able to support more SMEs impacted by COVID-19.
In the Budget, Chancellor Rishi Sunak confirmed that the scheme is to be replaced in April by the Recovery Loan Scheme, under which interest and fees must be paid by the borrower from the outset.
Under CBILS, Funding 365 provides unregulated bridging loans up to £3m for a maximum 65% LTV for up to 18 months, secured on a first charge basis against residential properties across England and Wales.
To be eligible for a facility under CBILS an SME must be UK based in its business activity, with turnover of no more than £45m per year.
It must also not be considered a ‘business in difficulty’ and must have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender.
Paul Weitzkorn, director at Funding 365, said: “It’s become clear that a great many small firms in the property industry have been – and still are being – negatively impacted by the ongoing pandemic.
“With less than four weeks left until the CBILS deadline, we urge businesses and their brokers to not delay in reaching out to see if we are able to support them through this time.”