- March 18, 2020
- Posted by: STERLING FINANCE
- Category: Coronavirus, Financial Advice, Financial Help, Govt. Funding Scheme, Small Business
On 17 March 2020, the UK Chancellor announced a series of measures to support UK businesses.
- £330bilion of Government guarantees for bank loans.
- CILS (Coronavirus Interruption Loan Scheme) extended from £1.2million up to £5millon – starting 17th.
- Funding grants for up to £25,000 for smaller businesses.
How does the CILS work?
Coronavirus interruption loans will work in a similar manner to Enterprise Finance Guarantees (EFG). This means 80% of the loan will be secured against a government guarantee. The lenders may offer an interest free period. The main options to borrow are Overdraft; Term Loan; Invoice Finance; and Asset finance.
Criteria for borrowing
- UK based business with turnover of no more than £41 million per annum
- Need borrowing proposal
- Confirm they have not received other public support
- Finance terms are from three months up to 10 years
Link to find lenders in your area
We can help
Sterling Finance is open for business to support businesses during this tough time. Our experienced and knowledgeable team is ready to help you. Here is our contact details
Sterling Finance UK Limited
Tel 0161 339 4989