Cumbrian accountancy firm Lamont Pridmore is warning businesses they only have a few weeks left to secure funding via many Government-backed loans.

The firm says that companies must not only consider their near-term finance needs but also the lack of available finance in future.

It says applications for both Bounce Back Loans of up to £50,000 and Coronavirus Business Interruption Loans of up to £5 million must be submitted by August 31 to ensure there is sufficient time for the funding application to be approved.

Graham Lamont, chief executive at Lamont Pridmore, said that businesses must ensure they have sufficient funds to see them through to at least spring 2021.

“It is important that you have the funding you require now, as our corporate finance colleagues in the City of London have confirmed that commercial loans will be very difficult to obtain if at all during the next three years,” Graham said.

“Many businesses are reporting that sales are down some 50 per cent or more compared to those sales levels before lock-down due to the ongoing social distancing measures, less footfall due to fears of contracting the virus and much more online sales.

“It is our opinion that trading conditions in some sectors will not improve to previous sales levels until a vaccine is available, which could be as late as Autumn 2021. Businesses must, therefore, have sufficient funding in place to maintain their ability to trade.”

Lamont Pridmore says that those applying for a loan must undertake the necessary scenario planning to make sure they have sufficient funding to finance their business based on predicted activity levels in the years to come.

Karl Burrell, managing director at Lamont Pridmore’s Kendal office, added: “We want to reassure local businesses that we are here to support them with their funding needs and scenario planning so that they have the finance they require to support their business going forward over the next few years.

“It is really important that businesses do not leave it too late to start an application. The greater the preparation, the more chance they have obtaining the funding they require.”