Essex Commercial Finance

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Think Of It Another Way.. Is the extension to the Government’s loan schemes an opportunity for your business?

Think of it another way..

The last couple of weeks have given us an awful lot of news and information to digest – not least Rishi Sunak’s Winter Plan statement in the Commons last week.

Among the measures announced to support UK businesses was an extension of the Government’s loan schemes application deadline from September 30th to November 30th – and we wanted to ask if it was a good time to reassess if this was an opportunity for your business? 

I know, you have heard all about CBILS for six months now – but could the current situation be the reason to take the time for another look?

  • As we head into a new period of restrictions, had you previously thought you could ‘see it through’ so long as we were in recovery?
  • Did you get a Bounce Back Loan, where that previously would have been enough to manage on?
  • Were you previously judged to be an ‘undertaking in difficulty’ because the snapshot was taken on 31stDecember 2019 and not the present day?
  • Has your bank turned you down, and you therefore think that is the end of the road?

I would like to ask you to ‘think of it another way’.. This is something that we ask clients to do a lot as we all have to adapt our thinking and pre-conceptions to successfully navigate through these challenging and hard times for businesses.

  • Did you know that CBILS facilities were not just term loans, but could offer invoice finance, development finance, asset finance or bridging loans?
  • If you have previously applied for and received a Bounce Back Loan – you can still apply for a CBILS loan and repay your BBL as part of that funding.
  • The British Business Bank announced on Friday a change in the timing of the judgement of an ‘undertaking in difficulty’ – could this give you the opportunity to review your unfiled accounting period? https://www.british-business-bank.co.uk/british-business-bank-confirms-changes-to-undertaking-in-difficulty-guidance/
  • Many clients that we have successfully funded with CBILS loans have been declined between 1 and 4 times before we worked with them.
  • You are allowed to apply for CBILS loans or combined facilities for up to 25% of your turnover in the last year prior to Covid – if you have already received a lesser amount then you can top that up with the new restrictions and prevailing climate in mind.

Beyond CBILS there are products and lenders that are very much available and open for business if they are suitable finance for your business. We invite you to talk to us about your situation, your objectives and how we could help you achieve the best outcome for your requirements.

We don’t charge fees up front – preferring to achieve something for you and earning our fee. If you are seen by lenders as viable for finance then we will partner with you to achieve that for your company.

Please get in touch on 07726 195 106, or mark@essexcommercialfinance.co.uk – and start the conversation about how we can work together.

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Essex Commercial Finance Limited  is a company registered in England and Wales with Company number 12610135
Registered Office : Suite 3, 8 Kingsdale Business Centre, Regina Road, Chelmsford, Essex, CM1 1PE

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