The British Business Bank has confirmed that applications for the Coronavirus Business Interruption Loan Scheme (CBILS) will close on September 30th. The message to dealers from Luke Curtis, Head of MotoNovo Commercial Finance, an accredited Introducer for CBILS, is to take the time now to review how a CBILS asset finance facility could help them to accelerate positive change in the rapidly evolving car retailing environment, noting; “The CBILS asset finance options we are making available to dealers are state-backed and could be available to a large number of dealers. While we have seen a welcome bounce-back in vehicle sales, I’m sure we all recognise that there are likely to be challenges ahead. At the same time, the need to invest in adapting the established business model to embrace an increasingly digital car buyer has never been so apparent.
“CBILS is designed to help businesses that have lost revenue and seen their business disrupted as a result of COVID-19, and crucially helping them to survive and thrive as the new normal operating models evolve. Now is the time for dealers to consider how the type of £50K- £250K CBILS loan (HP and finance lease) we can offer to benefit their businesses.”
Dealers have used MotoNovo CBILS asset finance options for:
- HGV’s/LCV’s ideal if dealers re looking to home-delivery of cars to customers
- Garage equipment
- Office equipment
- Broadcast equipment
While it is understood that the Government will make an announcement on the future of the loan schemes it is backing to help businesses survive the impact of COVID-19 in the coming weeks, the deadline for applications remains September 30th with a cut off completion date of October 20th.