BILS, delivered by the British Business Bank and other institutions, has been set-up to support businesses financially, details are still emerging but the scheme has been live since Monday 23rd March.
Interest-free business interruption loans will be increased to £5m, up from £1.2m announced in the 2020 Budget. It will remain interest-free for 12 months and designed to help businesses to continue trading during COVID-19.
The roll-out of the scheme is challenging, and frustration is being experienced by many of those who urgently need the assistance. We are hopeful that the Government will consider the feedback that is starting to emerge and encourage the banks and other institutions to loosen their lending criteria where possible so the funds can more easily reach the clients that need them.
Many of the high street banks have now dropped their PG requests on loans under £250,000. There are still challenges, but that is a good start. We are working with multiple clients, brokers and banks and remain on hand to help, so please contact us if you haven’t already started to explore your funding options.
Contact us today to discuss the points raised in this post or any other concerns you have as a business owner, about your personal finances, or, as an employer now on 0330 088 7111.