Coronavirus Business Interruption Loan Scheme UK

In response to the COVID-19 pandemic, the UK Government introduced various financial support measures and business loans to help those experiencing cash flow disruption due to the coronavirus pandemic. One of those measures, The Coronavirus Business Interruption Loan Scheme (CBILS) was available to eligible businesses to apply until 31st March 2021. Whilst the application for funding is now closed to businesses, there are further funding options available to help your business get back on its feet.

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Coronavirus Business Interruption Loan Scheme UK

CBILS

Although the Coronavirus Business Interruption Loan scheme has ended, dozens of alternative finance products are still available. Whether you're looking to hire more staff, purchase stock, invest in growth or manage cash flow, Funding Options can help you find the right funding for your needs.

What was the CBILS loan?

The Coronavirus Business Interruption Loan Scheme (CBILS)  was one of many government-backed schemes introduced by the government in response to the COVID-19 pandemic to help businesses across the UK access the funding get through the coronavirus pandemic. While the scheme has ended, many more alternative and traditional finance products are available to help your business access the funding you need.

What are other types of loans available for UK businesses?

If your business has yet to recover fully or requires additional funding, there are many kinds of finance available for your business to get back on its feet, funding such as:

Revolving credit facility

Like a credit card, a revolving credit facility is a kind of loan for businesses that allows them to borrow money to cover a short-term need such as wages or buy more stock. Of course, a small amount of interest is due, as with all loans. However, once this has been repaid, you can borrow the same amount again. Hence the name 'revolving credit. 

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Invoice finance

Depending on your business type, you might find invoice financing a viable option for borrowing money for the shorter term. Invoice financing is based entirely on the amount owed to a business by outstanding invoices.

It's particularly good at easing cash flow over wages and other short-term outgoings. Invoice financing gives businesses instant access to any money owed (without the typical payment terms) in unpaid invoices.

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Asset finance

Also known as asset-based lending, asset financing is another excellent alternative for businesses with physical assets such as vehicles, commercial property or machinery. Asset financing can offer companies more flexibility when it comes to financing as the overall loan amount is based on something tangible.

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eCommerce finance

While this is specific to online businesses, eCommerce financing is an excellent way for SMEs to inject much-needed capital into their digital online presence. Despair eCommerce businesses having lower running costs and outgoings typically still need funding,, and this was especially true when faced with the unforeseen difficulties of the pandemic. Many online companies take out eCommerce loans to help with inventory and stock and manage their shorter-term cash flows.

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Let us help you find the best financial product in the market. We will guide you through the whole process and make sure you get the best deal.

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Other business loans available

There are several ways to secure funding as a business. Whether you need financial support in re-opening a shop or hospitality venue after restrictions have eased or need help with cash flow, there's a loan to suit every need.

Although the eligibility criteria, interest rates, and overall costs will depend on your individual business needs, our helpful guide to business loans will explain what to expect.

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Ongoing financial support for your business after COVID

Funding Options helps UK firms access business finance, working directly with businesses and their trusted advisors. Funding Options can introduce applicants to several providers based on the applicants' circumstances and creditworthiness, with all quotes subject to status and income.

Our award-winning platform, Funding Cloud(™), accurately and quickly matches businesses with the right lender and finance option for their needs. From unsecured business loans to revolving credit facilities and a merchant cash advance, we work with over 120 lenders offering dozens of lending products. Apply for funding in minutes - our record from application to credit approval is just 20 seconds, and cash in the bank within as little as 18 minutes. 

Apply today to get the funding you need to trade, plan, and grow with confidence.

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