About/How it Works/Key Features
It’s a challenging time for SMEs around the world as the economic impact of the Coronavirus pandemic starts to manifest itself. National and international shares have seen a significant decrease, interest rates have been cut and the OECD has downgraded its growth forecasts. On Friday 20 March, Rishi Sunak, the Chancellor of the Exchequer, announced the first set of measures to help businesses impacted by COVID-19.
The UK government is increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme (CBILS), a temporary replacement for the Enterprise Finance Guarantee Scheme. It will guarantee 80% of the value and will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees.
The CBILS will operate in a similar way to the Enterprise Finance Guarantee Scheme in that it is designed to encourage lending to viable UK businesses that would be turned down for a loan (or other form of debt finance) due to inadequate security.
Small and medium sized businesses from all sectors can apply for the full amount, however eligibility criteria does apply:
- Are you UK based, and do you operate within the UK?
- Have a borrowing proposal that, if not for the coronavirus, would be considered viable?
- Require a loan to enable trading during a short – to – medium term difficulty
- Have a group Turnover up to £45m
- Can afford to repay the loan for a term up to 5 years
British Business Bank operates CBILS via its accredited lenders (More will be added as time goes on).
Due to the nature of the clients Jones & Co Finance works with, i.e. mostly SME’s (Sub £75m T/o) the lenders we will be working with will offer facilities up to £250k on the following terms:
- Up to £250k Facilities
- First 12 Months Fees and Interest paid for by the Govt
- NO Personal Guarantees
- Term lengths up to 5 Years
- Lower rates of interest on average
- For some lenders up to 12 months deferred capital payments (This may be rolled out further)
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