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Funding 365 urges SMEs to apply for CBILS before end of March deadline
Funding 365 can confirm today that it has received a further increase in its Coronavirus Business Interruption Loan Scheme (CBILS) allocation from the British Business Bank to be able to support more SMEs impacted by Covid-19.
The lender is encouraging all remaining CBILS bridging loan applicants to get in touch with them as soon as possible to ensure that eligible loans can be approved by the 31st March deadline.
In last week’s Budget announcement, Rishi Sunak confirmed that the scheme is to be replaced in April by the Recovery Loan Scheme, under which interest and fees must be paid by the borrower from the outset.
Under CBILS, Funding 365 provides unregulated bridging loans up to £3million for a maximum 65% LTV for up to 18 months, secured on a first charge basis against residential properties across England and Wales.
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