Funding 365 confirms it has received a further increase in its Coronavirus Business Interruption Loan Scheme allocation from the British Business Bank to support small firms impacted by Covid-19.

The bridging loan specialist says all remaining CBILS applicants “must get in touch with them as soon as possible” ahead of the 31 March deadline.

In last week’s Budget chancellor Rishi Sunak confirmed that CBILS will be replaced on 6 April by the Recovery Loan Scheme, under which interest and fees must be paid by the borrower from the outset.

Funding 365, under CBILS, provides unregulated bridging loans up to £3m up to a maximum 65 per cent loan to value for up to 18 months, secured on a first charge basis against residential properties in England and Wales.

Funding 365 director Paul Weitzkorn says: “It’s become clear that a great many small firms in the property industry have been – and still are being – negatively impacted by the ongoing pandemic.

“With less than four weeks left until the CBILS deadline, we urge businesses and their brokers to not delay in reaching out to see if we are able to support them through this time.”

To be eligible for CBILS a small business must be UK-based, with turnover of no more than £45m per year.

It must not be considered a ‘business in difficulty’ and must have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender.

Approved loans under CBILS will see the government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges. However, the borrower remains 100 per cent liable for the debt.