The Coronavirus Business Interruption Loan Scheme (CBILS) has been operational for over 3 months and we’re proud to have supported a number of businesses under the scheme, approving over £1.1m of CBILS facilities.
CBILS continues to evolve and there has been a significant change to the scheme. The ‘Business In Difficulty’ Test that we have to apply has been amended as follows:
1. For businesses with fewer than 50 employees; AND
2a. Turnover of less than £9m; OR
2b. A Balance Sheet of less than 9m;
the ‘Business in Difficulty Test’ no longer applies.
This means that we can now consider businesses for funding under CBILS that previously failed this test, such as businesses with negative balance sheets.
To find out more or to see if we can assist contact us today.