Number of CBILS applications to rise, experts predict

The number of applications for the government's Coronavirus Business Interruption Loan Scheme (CBILS) is set to rise, experts have predicted.

02 Dec 2020

The number of applications for the government's Coronavirus Business Interruption Loan Scheme (CBILS) is set to rise, experts have predicted.

Research from finance lender MarketFinance revealed that 27% of businesses feel they will not survive to 2021 if current cash balances are taken into account. Many firms expect a reduction in their revenue during the winter months, MarketFinance found.

Owners of small businesses stated that an average cash injection of around £52,800 would help them during the winter trading period. Additionally, 35% of business owners are stockpiling cash in order to protect their firm over winter.

Commenting on the issue, 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.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2024 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK