Meet Oli! He is new to Century Business Finance, so we thought it would be a great idea for you to get to know him and his background a little more.
Oli has come to Century Business Finance from another finance company which touched mainly on secure and unsecure funding, making Century the perfect next step for him in his career. Oli will mainly be working on unsecured finance, alongside some secured finance and working closely alongside WIll, John and Ben.
Government initiatives and moving forwards…
As a business, we of course want to focus on the future but we also want to touch on the ending of the government backed loans as we’ve spoken a lot about how great the business bounce back loan has been and how useful it has been to a lot of organisations.
The Coronavirus Business Interruption Loan Scheme (CBILS) loan has been great as a whole, but it hasn’t come without its ups and downs – it has been difficult for some companies to get hold of this additional support. Regardless of this, they are coming to an end at the end of October, so our focus will be on commercial lending as we believe this will be taking the forefront after government funding initiatives are phased out.
We want to reiterate that finance will not be impossible to obtain once the government funding ends – finance will carry on at competitive figures even though it is not government backed. It is a great way for businesses to grow and maintain the current trading climates they have while we continue our battle with COVID-19.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by COVID-19.
You are allowed to have two CBILS loans; but the quota of this is that you are allowed a maximum of 25% of your yearly revenue. If someone has taken out the loan right at the beginning of when they came out and lent 25% of their revenue, they cannot relook at this.
We are currently speaking to a lot of businesses that have reached the limit on their CBILS loan and are still looking for funding.
All of the lenders we deal with are keen to hear about funding opportunities in a variety of industries and we want to ensure people are aware of this amongst a lot of uncertainty on what the future may hold.
If someone has taken a bounceback loan, can they still take out a CBILS?
If you have taken a bounce back loan and also acquire a CBILS loan – the bounceback loan will need to be paid off with your CBILS loan.
Get in touch
Our process is simple and easy – give us a call and we can have a chat through your current situation, letting you know what is available at this current time and how you can progress with business funding.
We have an online application form where you can do an eligibility check and we then request a few more documents after this if you want to proceed with our service. Our turnaround time for a lending decision is very quick, so you are likely to know if it’s a ‘yes or no’ within 48 hours.
Get in touch, have a chat with us and let’s see what we can do for you.
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