With the current COVID-19 crisis decimating the income streams of businesses up and down the country, working capital and cashflow has never been harder to manage for SMEs.
Whilst the government’s emergency Coronavirus Business Interruption Loan Scheme (CBILS) is a welcome intervention for many small business owners, delays in rolling out and implementing the scheme mean that very few businesses have been able to access the funding they need to survive.
A recent British Chambers of Commerce (BCC) poll estimates that although one in five businesses want to make use of CBILS, only 1% have actually managed to access any funding. Likewise only 7% of businesses have received support grants. With over a third of businesses saying they are planning to furlough 75-100% of their workers, pressure to limit expenditure and manage cashflow is clearly being felt.
At rebuildingsociety.com, we're used to beating the banks in getting funding to businesses quickly. Now, we are building on our years of experience in offering funding to SMEs by introducing a repayment option for new loans taken by businesses which have seen their income affected by COVID 19.
The Offer
Take out a working capital loan through rebuildingsociety.com and benefit from an interest-only period of up to 6 months.
Furthermore, interest for the first 6 months can be added to the loan request and held back, meaning borrowers can receive the working capital they need quickly, without worrying about monthly repayments for the first 6 months of the loan.
The Justification
The current crisis in unprecedented and the impact is beyond the control of small businesses owners. We see no reason why companies with a proven track record demonstrating success, growth and a robust business model should see their future cast into doubt due to factors outside their control.
Our community of lenders share this opinion and have already provided funding to over 314 businesses to help them grow.
Our underwriting team are ready to receive your application and help you get the working capital needed to get through these unprecedented times.
Eligibility
If you're a UK business that meets the below criteria you could be eligible for one of our loans.
- Min 2 years trading history
- Turnover of at least £150k per year (£37,500 per quarter)
- Strong trading history
- UK Based Directors
If you think your business is eligible, apply online now, the online application process takes less than 10 minutes or give one of our team a call on 0113 8150 244.
