Reminder: government loan schemes to close next month

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A number of Government backed schemes to help businesses during the Coronavirus pandemic will close next month.  

Businesses still have time to apply for these scheme before they close on March 31, 2021.

The schemes are as follows:

  • The Coronavirus Business Interruption Loan Scheme (CBILS)

Provides financial support to smaller businesses affected by Coronavirus.

The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.

For further information or to apply click here.

  • The Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Provides financial support to larger businesses affected by Coronavirus.

The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.

The government guarantees 80% of the finance to the lender.

For further information or to apply click here.

  • The Coronavirus Bounce Back Loan 

Enables smaller businesses to access finance more quickly during the Coronavirus outbreak.

The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover.

The maximum loan available is £50,000.

The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.

After 12 months, the interest rate will be 2.5% a year.

For further information or to sign up click here.

Please contact your account manager or the office on 01244 343504 if you require further information or advice on any of these loans.

Ellis & Co Chartered Accountants and Business Advisers, Chester & Wrexham - 01244 343504, info@ellis-uk.com