The Coronavirus Business Interruption Loan Scheme has come under increasing scrutiny and criticism. Some of it in my view is justified and some of it not, either through being misinformed or misunderstood.
CBILS provides substantial benefits to the business owner:
The downsides for the small business owner are:
As I have mentioned many times before, the banks have moved away from the smallest loans and are not geared to make decisions and even process the level of paperwork required to meet the unprecedented demand emerging. This also applies to many of the non-bank accredited providers.
New capital and simpler processes are required to ensure that we can save the businesses that have the potential to emerge and trade after lockdown.
The longer the lockdown period extends the more pressing will become the need for increased availability of capital which then needs to be turned into liquid resources speedily for small business survival.
By Steve Walker, ART Business Loans
By Steve Walker, ART Business Loans
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