This week’s message is to bring to your attention an essential consideration for Businesses which have either drawn down OR are about to draw down a CBILS Loan or Bounce back Loan.
As the names state, these Government Backed Business Support Arrangements are Loans and are expected to have to be repaid over the agreed period of time – also, depending upon the Lender, some CBILS Loans will contain Personal Guarantees in the case where the Loan is in excess of £250,000.
Importantly, action should be taken to protect the Business Owners (be that individual Proprietors, Partners or Directors), in the event of Death, Critical Illness or Incapacity whereby difficulties might arise with regards the repayment of the respective Loan.
By implementing appropriate ‘Protection’ as a critical part of the ‘Peace of Mind’ process, a significant risk is immediately removed from the arrangement. It should be noted that the cost of such protection can prove to be very affordable in relative terms to the Loan Repayments.
Introduce this peace of mind by contacting us on 028 3026 7531 or firstname.lastname@example.org for advice as to how you might best protect your Business, and ultimately your Family.