UK SMEs running on empty as CBILS deadline looms
Industry News | 21/09/20
Bounce Back loans, the most popular HM Treasury support measure, used by SMEs are running low, finds the latest insights1 from fintech business lender MarketFinance. These SMEs are aware they can get more HM Treasury support by applying for larger loans through the Coronavirus Business Interruption Loan Scheme (CBILS) but did not know the deadline was end of this month.
Over 1.2m SMEs took on a Bounce Back loan to pay their suppliers (39% of SMEs did this) and bolstered their business by setting up ecommerce and online shopping channels (29% reported doing this) to attract new customers. However, they only have an average of £9,106 remaining of their Bounce Back loan and the majority expect this will run out later this month. Promisingly, 6% have already repaid their Bounce Back loan.
Source: Business Money
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