CMYUK produces CBILS finance videos for wide-format print sector

CMYUK has produced a series of videos that explain how the updated government-backed coronavirus business interruption loan scheme (CBILS) can benefit wide-format PSPs.

The videos - featuring CMYUK finance director Jon Price - aims to clear up a number of misconceptions. “I have been fielding multiple calls about CBILS and what struck me is how little business owners understand about the reach of the scheme and how it can be applied to their own particular circumstances,” said Price. “In challenging times I always say that businesses need to invest. CBILS provides the perfect platform - it is the most powerful, flexible, low-cost finance that you’ll ever have access to.” The videos - one to two minutes in duration - include: - CBILS - an investment opportunity not to be missed. CBILS has now been extended to include asset finance - CBILS - new truths, old misconceptions. The biggest misconception is that you can only have one CBILS loan or facility. Not true. - CBILS - enabling investment without increasing overheads. How the scheme can be used to refinance existing assets, or buy new and/or second-hand equipment - CBILS - examples of the best business loans you will ever receive. Stop worrying about the capital cost and look at the impact on your business. - CBILS - consolidating investment towards an industrial infrastructure. How to get more out of less - CBILS - what do I need to do now and how long does it take? How CMYUK can expertly help you through the process The CBILS scheme includes a number of exceptional benefits, including: - Loans available from £25,000 to £5m - No interest or fees payable in the first year - 0% to 10% low deposit finance - No personal guarantee for loans up to £250,000 - Supported by government-backed guarantee - Loan terms between one and five years - A six-year term to be offered on larger purchases For a UK-based business to be eligible for the scheme, the following criteria must be met: - Must have an annual turnover of no more than £45 million - Self-certify that it has been adversely impacted by the pandemic - Must not have been classed as a business in difficulty on 31 December 2019, if applying to borrow more than £30,000 “This is the single most exciting opportunity in asset finance that I’ve come across, which is why I want customers to embrace it,” said Price. "The government has said CBILS will end in September, so if you have a business, think about bringing your investment plans forward as it would be deeply unfortunate not to take advantage of this scheme.”