There’s still time to apply for a CBILS loan, with the deadline now extended to 30 November! Click here for more information.
Our Autumn Newsletter brings you the very latest news on CBILS applications, AIA deadlines, company appointments, customer stories and much more. Click here to view.
Research from Aldermore Bank reveals that finance brokers will have a vital role to play in helping SMEs recover from the impact of Covid-19. SMEs are expected to borrow billions in order to support their businesses through the crisis, with many business owners turning to finance brokers to help them access the right funding.
The research found that:
- SMEs expect to borrow £48.3bn to help their business recover following Covid-19.
- SMEs accessing finance through a broker are more likely to use a diverse range of funding options for their business, such as Asset Finance or Invoice Finance.
- SMEs who use a broker feel well-supported with access to a more tailored process.
Tim Boag, group managing director, Business Finance at Aldermore, comments:
“Brokers are often the unsung heroes when it comes to SME finance. In the months ahead, they will be needed more than ever to help businesses secure the funding they need.
“Many SME owners are still relying on personal loans which can often be expensive and unsuitable. Understanding more about the finance options available means small businesses will be able to make more informed decisions about how to survive in the challenging months ahead.”
The past few months have been tough for many SMEs, but thankfully there is help available. Many of our customers are benefiting from the government’s Coronavirus Business Interruption Loan Scheme (CBILS) which provides 80% government guaranteed loans up to £750,000, with 12 months interest free. The CBILS commercial loans and some asset finance packages also benefit from a 12 month payment holiday, helping to ease businesses cash-flow.
Time for considering and approving loans has now been extended to 30th November but the final deadline for submitting CBILS applications is only a few weeks away – 30th September.
Click here to find out more.
The new 70 registration plates are out now! We have some great deals on vans for your business. Click here to find out more.