Clare Coria of Coria Commercial Finance outlines options for businesses looking to get back on their feet after COVID-19 disruption
As the UK prepares to emerge from its second lockdown, business owners are eager to get back on track.
Businesses have been tested to the point of despair over the past year in the wake of the COVID-19 crisis – and the fight is not over yet.
After months of uncertainty, status quo and constant adaptation, there are many fears for future trading. Business cash flow is tighter because customers take longer to pay. Today more than ever, business owners are in desperate need of an infusion of cash to help them meet demand.
Bounce loans were capped at £ 50,000 and for business owners there is little left, if at all. CBILS loans offer much greater flexibility and could be the solution to take your business to 2021 and beyond.
What is a CBILS loan?
The Coronavirus Business Interruption Loan Program is a government-backed financial support loan program for any small or medium-sized business that has experienced a loss or disruption of its income due to COVID-19.
The main benefit of the program is the security of a government backed guarantee, which frees business owners from personal guarantees for funding of up to £ 250,000.
CBILS has come a long way since its introduction in April 2020. In particular, changes to its functionality and eligibility criteria now mean more UK businesses can access the financing they need.
CBILS can be provided in various forms from a range of lenders such as core loan, term loan, asset finance, invoice finance, and even development finance.
The CBILS deadline is March 31, 2021: if you have not started a CBILS loan application by the end of the day on that date, you will not be able to get a CBILS loan.
Coria Commercial Finance, the financial brokerage I run with my daughter, can help you through this process – as well as accessing many other types of financing.
We strive to fully understand you and your business, then use our extensive knowledge and experience to find the right type of financing for each situation.
We aim to develop and maintain long-term relationships with our customers, so that we can provide ongoing support service with financial and business support. We offer the following types of financing:
- Financing invoices
- Asset finance
- Machine financing
- Vehicle financing
- Secured and unsecured loans
- Commercial mortgages
- Ongoing business support
We believe in finding the best solutions for our clients and will work closely with you to tailor financing to your business. This can only be done by spending time listening to yourself, getting to know yourself and your business, and understanding your needs.
Contact Clare by email or at 07739897574