With several measures now brought into play by the government, Midland Asset Finance is helping businesses around the country with their financial situations.
If your business has been affected by the pandemic, your first port of call should be to enquire at your bank for the Coronavirus Business Loan Scheme (CBILS).
To qualify for the scheme, you must be able to demonstrate what effect COVID-19 has had on your business and will need to provide forecasts to show improved trading performance after COVID-19.
Generally, the application also requires two years’ profitable accounts.
What about security?
There is an unsecured CBILS facility available for up to £250,000, but loans in excess of this will require some form of security.
If your business isn’t eligible or you need a quicker decision…
There may be a chance that your business doesn’t meet the criteria for the CBILS, or you are experiencing delays in the process of accessing the funds.
If this is the case, we can still help through other unsecured loan facilities or the refinancing of assets. Contact us through our website https://www.midlandsassetfinance.co.uk/