Celebrating CBILs Success
Let’s Do Business Finance have been delighted to support a variety of small businesses via the Coronavirus Business Interruption Loan Scheme, helping them to survive the challenges facing them throughout the COVID-19 Pandemic.
These last 18 months have hit SMEs hard, with forced closures, tight and changing restrictions as well as public confidence having a severe impact on the way businesses operate, and ultimately affecting their bottom line.
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through over 120+ British Business Bank accredited lenders and partners, was designed to support the continued provision of finance to UK small businesses (SMEs) during the Covid-19 outbreak. The scheme provided loans to qualifying businesses with no interest to pay in the first 12 months.
Recent data has been released highlighting the success of the South East in providing this facility, helping over 15,000 businesses through £3.8bn of lending*, supporting business survival and recovery. Let’s Do Business Finance as an accredited lender covering the South East and East of England, contributed to this overall figure and lending a total of almost £3.4mil throughout the scheme.
“As a locally based and accredited provider of the scheme we are proud that LDBF was able to provide a pivotal role in helping 30 local businesses unable to raise finance from mainstream providers survive the pandemic, supporting the local economy and securing local jobs.”
Applications for CBILs loans have now closed, but a new scheme the ‘Recovery Loan Scheme (RLS) was launched in April this year in replacement so that continued support could be offered to businesses as they recover from the impact of the pandemic.
The RLS scheme allows businesses to apply for loans of up to £10 Mil per business over a term of 3 months to 6 years for use including, managing cash flow, investment, and growth. Businesses who have taken out a CBILS, CLBILS, or BBLS facility are still able to access the new scheme without impacting upon that borrowing, giving them an opportunity to benefit from both schemes.
To be eligible you just need to be trading in the UK and be able to show the impact COVID-19 has had on your business. Let’s Do Business Finance are accredited delivery partners of this scheme, managed by the British Business Bank, and can offer loans from £25,001 - £150,000 to businesses based in Sussex, Surrey, Kent, Essex, Suffolk, Norfolk, Cambridgeshire, and Hertfordshire.
“After the great success we had delivering CBILS, we are delighted to have secured RLS accreditation. We saw a fivefold increase in lending during the pandemic and we are looking forward to helping even more businesses recover and grow as COVID restrictions continue to ease.”
For information on if your business is eligible for the Recovery Loan Scheme and to apply, Click Here.
* https://www.british-business-bank.co.uk/wp-content/uploads/2021/07/20210706-final-lending-data-south-east.pdf?dm_i=45HG,13R6J,E27V7,5170Y,1
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit http://www.british-business-bank.co.uk/recovery-loan-scheme