More than half of CBILS loan applications have been turned down by banks, but the British Business Bank has just written to accredited lenders confirming that they have until 30 November to consider and approve applications for the coronavirus business interruption loan scheme (CBILS), effectively extending the deadline.
Nantwich accountants Afford Bond said: “Though applications for loans must still be in by 30 September, clarity on the two-month processing period reduces pressure on borrowers and lenders alike. This Covid-19 grant has been vital for those SME’s who have been able to access it.”
The letter is a technical update for clarification, not notification of an extension to the schemes. The Government has indicated that it will make an announcement on the future of the CBILS schemes next month. CBILS is aimed at medium-sized businesses turning over no more than £45 million per year. The deadline for approving loans under a related scheme for larger businesses, known as CLBILS, is 20 October, with the consideration period for lenders running until 31 December.
New figures from the Government reveal that more than 60,000 CBILS loans have been issued since the scheme launched, worth £13.7 billion, along with 516 CLBILS loans worth £3.5 billion. Nantwich accountants Afford Bond, also have offices in Wilmslow, and employ almost 60 staff providing a full financial service, including business finance, audit, accounting, taxation, wealth planning and corporate finance.