Business Funding Post Government Supported Loans

Business Funding Post Government Supported Loans

The last 2 years has been extremely difficult for all businesses.

Uncertainty about the future and managing the company finances were unsurprisingly among some of the biggest concerns for small to medium enterprises.

To help counter some of the financial issues, the government introduced The Coronavirus Business Interruption Scheme (‘CBILS’) and The Bounce Back Loan (‘BBL’).

Both schemes enabling Banks and accredited Lenders to provide business loans (and other financial products) to organisations that were losing revenue and seeing cashflow disrupted due to the COVID-19 outbreak.

CBILS and BBL ended 31st March 2021 but then replaced with the Recovery Loan Scheme (‘RLS’), a scheme to help businesses further ‘recover’ from the lockdown measures.

Many of our Banks and Lenders were quick to adopt the schemes and we are delighted to have helped so many businesses throughout this period by providing them with essential funding.

The RLS is scheduled to close at the end of next month (30th June 2022), however Banks and Lenders are beginning to close applications sooner due to their allocation of funding from the British Business Bank becoming fully utilised.

Whilst some may think of this as bad news, we believe this to be a positive step forward for businesses.

In recent months our panel of Banks and Lenders have been working hard to develop their business as usual (‘BAU’) propositions for when they will be no longer be providing the RLS.

Major investment has been made in innovation and there is a definite sign of increased appetite across the board.

This all leads to us being well placed to provide a much more efficient service to new and existing clients for their business funding needs.

Simply Business Finance offer a straightforward approach to funding which not only saves our clients valuable time and money, but we also remove the need for them to enter into lengthy negotiations with their incumbent bank who may not have the capacity to provide any further funding.

Here’s a list of just some of the products we specialise in:

In addition, we provide some very specialist facilities for company mergers and acquisitions as well as a host of other commercial facilities that many businesses use today to manage cashflow.

As businesses continue to move forward and as confidence grows, we expect there to be further innovation and an even wider choice of lending products being made available in the coming months.

If you are considering any form of business finance, contact us for a free, no obligation consultation, we’d be delighted to discuss options with you.

01273 961 755