CBILS Update: September 2020

CBILS Update: September 2020

Woodsford RxBridge are delighted to support the British government in delivering the CBILS scheme to pharmacies in the UK.

 ChiChi Osemwegie, Business Development Manager for Woodsford RxBridge, provides an important update to all those considering a CBILS application.

 

CBILS update

 

The number of UK firms approved for and benefiting from CBILS is now over 60,000.

£13.6 billion pounds worth of CBILS have been delivered to UK businesses to help them endure the Coronavirus pandemic.

 

Cashflow challenges for pharmacies

 

One of the biggest challenges facing pharmacy business right now is cashflow. There is a huge demand to source medication and we’re seeing wholesale prices steadily increasing as there is a greater demand on supply. The absolute priority for all pharmacy businesses is to look after their customers and that is where their focus should be.

 

Two-month application extension

 

Accredited lenders have now been given two extra months to consider applications for finance under CBILS. The scheme was initially due to end on 30th September 2020.

Following widespread calls for an extension, the British Business Bank has clarified that lenders can now have two extra months to consider and approve applications.

 

CBILS application deadline

 

CBILS applications will close on the 30th of September 2020. With CBILS, there are no (interest fee) payments due for a year and Woodsford RxBridge experts are happy to help you throughout the process.

Pharmacies will be vital in the UK’s fightback from COVID-19 and must consider their financial position today.  Woodsford RxBridge are experts in pharmacy finance and we are excited to be able to offer an alternative option to continue to support pharmacy businesses.

For more information on CBILS for pharmacies, get in touch with one of our experts.

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