CBILS applications expected to rise
The number of coronavirus business interruption loan scheme (CBILS) applications is set to rise, according to finance lender MarketFinance.
The research revealed 27% of small businesses said they would not survive to see 2021 based on their current cash balances and anticipated a reduction in revenue over the winter trading period.
SME owners said that they would need an average cash injection of around £52,800 to help them during the winter months.
Since the announcement of the second national lockdown measures, 84% of businesses will be applying for CBILS loans, according to the finance lender.
Anil Stocker, CEO of MarketFinance, said:
“The stop-start government announcements on lockdowns haven’t helped UK businesses. However, they continue to fight on and will, naturally, require more funds to bolster them through a tricky winter period.
“Looking ahead, ultimately, it will be the private sector which will enable the Chancellor to get the country’s finances back under control, so business leaders will be looking for some pro-growth, pro-enterprise stimulus measures in time to come.”
Speak to us about your finances.