The Coronavirus Business Interruption Loan Scheme (CBILS) has been an important source of support for many businesses, and as the scheme comes to an end on 31 January 2021, companies should consider reaching out to lenders sooner rather than later. Further help from investment and debt funds will put firms in a better position to realise their ambitions for 2021 and beyond.
Regional success stories
Financial support has not ground to a halt in the Midlands this year, despite the impact of COVID-19. There have still been opportunities for regional SMEs to protect themselves against cashflow disruptions, with MEIF Maven Debt Finance issuing capital to 24 businesses since March 2020.
The construction sector has been a key beneficiary of this continued access to support. This summer, Corby-based Green Life Buildings secured a £600,000 funding boost from the MEIF’s East & South East Midlands debt fund. In addition to this, Birmingham-based jeweller Toye Kenning & Spencer recently secured a £1 million funding package from the MEIF’s West Midlands debt fund. Maven manages both funds and works across the entire Midland Engine region providing flexible debt finance.
The end of the CBILS
The CBILS has helped SMEs overcome the challenges of the pandemic since March, while subsequent expansion has opened up the scheme to an even greater number of companies. With this lifeline coming to a close at the end of November, Midlands firms now need to act fast to make the most of the scheme’s support.
Missing the 31st January 2021 deadline means missing out on a greater range of funding options. In addition, it may take longer for requests for loans made to financial institutions to yield the necessary funding for a business. Companies will stand a better chance of meeting their goals over the next few months and years if they reach out now to one of the 100+ accredited lenders participating in the CBILS.
The good news is that there is still time. Lenders and Investors continue to make funding available for regional SMEs who are struggling with the impact of the pandemic. The MEIF Maven Debt Finance team remains confident that its resilience in the face of uncertainty enables it to keep delivering its services to both new and existing clients. Finding new ways of working is helping businesses remain on track to realise their ambitions for the coming year, despite the disruption of this one.
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