March 23, 2020 @ 9:38 by Richard Dawson
Stockton-based Marlin Corporate Finance is to participate in the Coronavirus Business Interruption Loan Scheme (CBILS), which is a £330 billion Government-backed package proposed to support businesses through the Covid-19 pandemic.
The financial solutions company will advise business on how to access the CBILS alongside other crucial sources of funding to help with cashflow issues.
The £330 billion scheme, announced by Chancellor Rishi Sunak last week, is designed to support UK businesses with cash to pay their employees, suppliers and to purchase stock via a Government-backed loan, on attractive terms.
These loans will be supplied and assessed by the banks and guaranteed by the Government.
It is thought that the scheme will go live today (March 23).
Business owners who access cash through the scheme will be liable for 100 per cent of the funds borrowed but will pay no interest for the first 12 months, as the Government will cover this.
The maximum loan available through this scheme is £5 million and terms will be from three months up to 10 years.
Paul Griffiths, managing director at Marlin Corporate Finance, said: “As a business considering the CBILS, it is important to reiterate the need to have all of their financial information readily available, as these loans will still need to be assessed by the banks.
“The advisors at Marlin Corporate Finance have been working with both new and existing clients to ensure documentation is in order and ready to apply for the funding.
“We are in close communication with many professional accountancy firms and are able to support clients with production of business plans and financial forecasting, which will help the banks make a potentially quicker and more supportive decision.”
More information about the scheme is available here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/