The British Business Bank (BBB) has now clarified the closure dates for applicants to the respective COVID loan schemes.
The Bank, who had shared an update to accredited lenders that was widely thought to outline an extension of the CBIL and CLBIL schemes by two months, have confirmed that such an extension is only a window beyond the existing closure date for accredited lenders to process applications and conduct any checks they need to carry out in order to offer a facility.
The Bank also confirmed that applicants will be able to apply for a facility under the scheme until the current scheme closure date.
At present, the CBILS scheme closure date is 30th September and the CLBILS scheme closure date falls on the 20th October.
There are over 90 accredited lenders and if you have already taken out a CBILS loan, some are willing to provide an additional loan, subject to their lending criteria. There are no application fees, early repayment or exit fees, and the government pays all interest payments for a year, in addition to any fees levied by the lender. The business does remain responsible for repaying the loan.
If you'd like some advice in this matter, please contact Julian Stevens at Blaise Commercial Finance by either of the means below.
📞: +44 (0) 7730 678196