April 6, 2022

With CBILS payments starting to kick in and the dying out of the furlough relief is it any wonder that there are thousands of google searches each month focusing on business finance? Whilst the pandemic brought large amounts of funding via government backed schemes, these schemes are now having to start being repaid after the initial interest free period of 12 months comes to an end. Businesses that have used the CBILS schemes will now have 5 years to fully repay these loans. The Bounce Back Loan Interruption scheme will also, after 12 months, see the requirement for businesses to start repaying the facilities in an almost identical manner to the CBILS scheme. So what financing is now available for those struggling to meet the onset of the CBILS repayments ?

The introduction of the Recovery Loan scheme on 6th April this year is open until the end of the year. These facilities can work alongside existing CBILS / BBILS facilities but the lenders will take these into consideration when calculating the affordability of any new loans. A number of banks are focusing their efforts predominantly on Recovery Loan schemes to ensure they are available and helping customers through the tailing off of government support and to ensure that these facilities are processed efficiently.

There may be a number of businesses that struggle to find funding elsewhere beyond the recovery scheme. There are a number of lenders however who have niche lending products that are available within the market and with specific industry knowledge. We recently identified a lender offering specific lending facilities to SAAS platforms and online retailers. Lenders who have expertise in these specific areas may find their services are in greater demand. There are still a number of lenders offering business finance but now more than ever it is helpful to understand appetite and criteria with that particular lender.

Hospitality still seems to have fewer lenders who will offer lending facilities as this sector has been the most affected and the most vulnerable potentially to impacts caused by COVID restrictions. On the plus side however as staycation  swells in popularity, there is a hope that, avoiding the uncertainty of foreign travel, more and more of us will start to holiday within the UK.

Over the next few months we will report on lenders offering specialist products – feel free to contact us if you have any specific enquiries.

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