Additional information & FAQs
CBILS is a funding package, available to all viable small and medium business who have faced financial difficulty during the COVID-19 pandemic. The package is available without requiring a personal guarantee for loans under £250,000.
Since 23 March, around 1,000 loans worth around £90m have been processed. This number is expected to increase in the coming days and weeks as banks get used to the new system.
Rates charged to firms for loans are expected to be kept as low as possible – given that the Bank of England’s base rate is at a record low of 0.1% and that the state is guaranteeing them. However, there will not be a cap on the rates banks can charge.
Please read these FAQs for more information about the loan scheme.
At Xebra Accounting, we can help you consider and even apply for such loan. Please do act now if you think you might need some funding. The Government is suggesting you consider the current situation lasts for 6 months when making an application. Please also note that matters are changing daily, and we will do our best to update you where possible.
Stay safe and please do not hesitate to contact us!