Number of CBILS applications to rise, experts predict

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.'

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

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

Please call:
01277 655 626

Quick links

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

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants