Number of CBILS applications to rise, experts predict

02 Dec

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.'

acca logo

CHARTERED CERTIFIED ACCOUNTANTS

We are registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants – the global body for professional accountants.

NEWSWIRE

Register to receive our monthly Newswire once a month and we'll send you an email packed full of essential business news and handy tax tips to help save you money.

REGISTER NOW