Stockton-on-Tees based Marlin Corporate Finance is participating in the Coronavirus Business Interruption Loan Scheme (CBILS) which has been proposed to support businesses during the COVID-19 pandemic.
The proposed scheme, announced by Chancellor Rishi Sunak, is designed to support UK businesses with cash to pay their employees, suppliers and to purchase stock via a Government backed loan, on attractive terms. These loans will be supplied and assessed by the banks. Initially £330 billion has been made available in guarantees, with scope to increase this amount if required.
This scheme has been available to businesses since it was proposed on 23rd March 2020. It is important that business owners are aware that the borrower remains liable for 100% of the debt. Lower initial repayments will be made available to the businesses, as the Government will cover the first 6 months of interest payments too. Maximum value of loan available under this scheme is £5million. Terms will be from three months up to 10 years on term loans and asset finance.
Paul Griffiths, MD at Marlin Corporate Finance says: “As a business considering the CBILS, it is important to reiterate the need to have all of their financial information readily available, as these loans will still need to be assessed by the banks. The advisors at Marlin Corporate Finance have been working with both new and existing clients to ensure documentation is in order and ready to apply for the funding. We are in close communication with many professional accountancy firms and are able to support clients with production of business Plans and financial forecasting, which will help the banks make a potentially quicker and more supportive decision.”
Marlin Corporate Finance are also able to offer a range of loan and cash flow solutions from other lenders who will not be operating under the CBILS scheme, on both a short term and medium term basis.
The experienced advisors at the company have a combined experience of over 200 years with a track record of providing support to businesses across the UK.
To discuss your requirements with an advisor contact them via
Tel: (01642) 450020 or (020 7349 5121)
Email : email@example.com
Given the current home working policies being implemented by many businesses during this time, the company will be posting regular updates on the situation via social media channels.