Rishi Sunak has today announced that the UK Government have now further extended their government back loan schemes until 31st January 2021.
The Chancellor also announced that firms can now top-up existing Bounce Back Loans if they need additional finance, but no further information has been given on if the upper limit of £50,000 or up to 25% of turnover has been provided.
The Bounce Back Loan was initially designed to support an estimated 3 month closure, but it is now running to double that an possibly more, so it will be interesting to see if the Government make changes to the upper limit on value or turnover?
Additionally, the deadline for CBILS applications is included in this extension, funding for those firms looking for over £50,001, but still with a cap of up to 25% of turnover.
Latest statistics (Last figures released as of 18th October 2020)
This is where The Funding Store could help, we have access to both CBILS accredited funders and alternative funders who have products available that have been tailored recently, with the effects of the current COVID19 pandemic on businesses, kept in mind.
This is great for you, and us, as it gives us both alternative options. The benefit of using The Funding Store is that we understand our panels’ lending criteria, allowing us to put together the strongest case possible for your business to obtain the funding that it needs.
So, if you are genuinely concerned about what alternative options are out there, then you have come to the right place, contact The Funding Store today on 01908 880420, we are here to help.