Have You Taken Advantage Of A Business Loan Repayment Holiday?
There are many thousands of small. medium and large businesses in the UK that have suffered financially due to the coronavirus. For instance, you may be the owner of a restaurant that has had to close temporarily due to the pandemic.
If you have a business loan in place then you may still be able to take advantage of a repayment holiday. This is where the bank agrees that you can stop making repayments on your business loan for say three months.
This will aid your cash flow at what is a difficult time. Currently, there does not appear to be any end in sight to the pandemic with an increase being seen in the number of new cases at the time of writing.
Obviously, if you were to take a repayment holiday for say three months relating to the repayments on your business loan, you will still need to make those repayments at a later date. The repayment term can be extended by say three months. It is also worth noting that when such an agreement is put in place it will not have a negative impact on your or your business’s credit file.
A number of banks were offering such a facility in the early days of the pandemic but, if your business is struggling, why not get in touch with your lender and see if they are still prepared to offer a repayment holiday on your business loan. Hopefully, it will go some way to easing the financial pressure on your business at the moment and could be the difference between you being able to continue your business once the pandemic is under control or be faced with the prospect of having to close your business permanently.
If your business has been negatively affected financially by COVID-19 why not give us a call to discuss the matter to see if we can assist in some way.