- 3rd December 2020
- Posted by: Suzy Hill
- Category: Personal Tax, COVID-19 NEWS, Business News
Number of CBILS applications to rise
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.’