Coronavirus surge means CBILS unsecured business loans take on renewed importance but one thing is certain … the Coronavirus crisis for British businesses is not about to end soon.

In fact, the latest statistics show a significant spike in the infection rate, meaning that some towns and even entire regions are now being placed under a second lockdown, with other vulnerable towns and cities under close watch. It’s bad news for British business, but it is a situation that the British Business Bank has rapidly responded to by providing accredited lenders with an additional two months to consider unsecured business loans via Coronavirus Business Interruption Loan Scheme (CBILS) applications.

So, whilst they haven’t extended the application deadline by an additional two months, this is still great news for companies wanting to apply for unsecured business loans under the coronavirus business interruption scheme (CBILS).

Originally set for closure at midnight on September 30th, the revised deadline for lenders to consider CBILS applications has now been extended until November 30th.

It is therefore vitally important that you review your business funding requirements immediately, whether that be to support cashflow or invest for growth as CBILS can be a great way to support your business (should your business qualify).

But the application must be submitted before 1st October and once the facility is approved you will have up to six months to take the funding.

British Business Bank is a government owned business development bank dedicated to making finance markets work better for smaller businesses and the CBILS is designed to support those businesses – especially smaller businesses – that are struggling due to lost revenue and disrupted cash flow as a result of the COVID-19 outbreak.

Applying for CBILS can unlock up to £5m, depending on turnover:

  • Available to smaller businesses with a turnover of less than £45m
  • Business loans, overdrafts, invoice finance and asset finance available
  • First 12 months of interest and lender-levied fees covered

 The CBILS is operated via a core of accredited partners, of which, Synergy Commercial Finance is a major participant.  We can help and advise companies wishing to take advantage of the CBILS by providing expert advice and – thanks to our unrivalled funding panel that now numbers in excess of 200 lending sources – we can provide the essential finance you may desperately require … promptly, simply and securely.

It is interesting to note that CBILS can also be used to re-finance the government’s Bounce Back Loan Scheme (BBLS):
  • BBLS were aimed at SMEs, micro businesses and other companies, to provide a more simplified application process than for CBILS to access small unsecured business loans between £2,000 and £50,000 with no set-up fees and the term loan repaid over 6 years and what’s more, the first 12-months of payments are covered by the government. that’s right, no payments are required during the first 12-months!

If you wish to know more, we’ll happily explain the details, so don’t hesitate to contact us.

Many British businesses, especially smaller ones, are still finding the current situation difficult and they are struggling to survive due to furloughed staff and reduced business opportunities.

CBILS unsecured business loans, managed by the British Business Bank, could very well be the perfect, easily obtainable lifeline your company is looking for.

Further information on CBILS opportunities can be found on the British Business Bank website:  Alternatively, if you would like to discuss these opportunities with us in person and for further details about the extended deadline for applications then please do not hesitate to speak to us.  We can explain everything about CBILS unsecured business loans and we can also assist you with your application to ensure you stand the very best chance of securing the finance you are looking for.

The government has made it easy for British businesses to obtain the finance they need to survive.  At Synergy we’ve also made it easier than ever to ensure that you secure the funding you are seeking.  Give us a call on 01904 481 786.    You can also email: or you can send a message using the online form on our Contact page.

AFS Group, Asset Finance Solutions & AFS Compliance
  • Greenbank Court, Challenge Way, Greenbank Business Park, Blackburn, BB1 5QB
  • Tel: 01254 958777
Synergy Commercial Finance
  • Unit 2, Foxoak Park, Common Road, York, YO19 5RZ
  • Tel: 01904 481786
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