After the initial shock and disbelief of the impact of the pandemic, the SME mindset is now on post-Covid regrowth.
But business owners looking for funding tell me that they’re confused by the Government schemes and commercial options available, and what they need to do.
I joined up with Kipp Noble from Capitalise on a webinar to walk through what’s out there and what you need to have ready to support your application.
The Government schemes, the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS) are Government back loans, with very favourable terms. Applications need to be submitted and approved by 31 March 2021. In my opinion, if you haven’t yet considered these options, I’d suggest you look into them now, as time is running out. Particularly for smaller entities, the bounce back loan scheme of up to £50k of low interest government backed loans using a simple application process may be a useful ‘just in case’ buffer.
The other good news is that there is a renewed confidence amongst commercial lenders, and funding is available to businesses looking to grow. Our corporate finance specialists are seeing a marked increase in successful proactive transactions. Deal activity is very buoyant so far in 2021, with M&A being particularly strong.
By working alongside Capitalise we help clients get swift access to the right funding product for their needs. As accountants we have ready access to the financial information lenders need to make decisions, so there are no hold ups and no hassle for clients keen to make the most of an expansion opportunity.
If you need support obtaining suitable funding for your business or assistance in assessing your cashflow requirement please get in touch