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Refinancing your CBILS Loan

Business News

The Government backed Coronavirus Business Interruption Loan Scheme (CBILS) and The Bounce Back Loan Scheme (BBLS) provided a lifeline to almost 1.6 million businesses during the pandemic, but the time has come to start paying them back.

Both CBILS and BBLS gave businesses a twelve month grace period to alleviate the strain of making repayments during a turbulent trading period. The twelve month grace period is now coming to a close, at a time when many businesses are still feeling the impact of the pandemic. It is important for businesses to consider how these repayments can be made and if an alternative facility could provide additional support.

Should you refinance your CBILS or BBLS loan?

This is a good time for businesses to review their funding facilities, to analyse business cashflow and assess if you have the most suitable and cost-effective funding in place. It could be that a more suitable solution is available that would better support business cashflow or reduce interest repayments.

For example, depending on the loan you secured, you could be facing higher interest payments than you would with an alternative facility, such as an asset backed term loan. Additionally, an invoice finance facility may provide better support for business cashflow by releasing funds from your debtor book whilst supporting business growth.

What Next?

Before making a decision to refinance your loan, speak to a business finance advisor who can provide a full assessment of your personal situation. An experienced advisor will assess the whole market and advise if a more suitable product is available.

Our business team are seasoned Finance Directors with over 35 years of business experience. We take time to understand your business and your personal circumstances and source a solution that’s right for you – whether that’s by refinancing or sourcing additional funding to support your business growth.

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