Coronavirus Business Interruption Loan Scheme available now

The Coronavirus Business Interruption Loan Scheme (CBILS) is now available to businesses who need help following disruption to their cashflow as a result of the coronavirus outbreak.

Announced by Chancellor of Rishi Sunak at his Budget on 18th March and revised on 2nd April, CBILS is just one of a series of measures to help businesses during the COVID-19 pandemic. It has been designed to help eligible sector UK businesses with a turnover of up to £45 million to access Government-backed finance of up to £5 million and is delivered by the British Business Bank via accredited lenders and partners.

The Government has promised to cover interest payments and any lender-levied fees for businesses for an initial period of up to 12 months. CBILS will also provide lenders with a Government-backed guarantee for up to 80% of the outstanding balance of eligible facilities.

The scheme can support a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance. As it provides the lender with a Government-backed guarantee, this could mean a potential ‘no’ credit decision from a lender could become a ‘yes’. The borrower always remains 100% liable for the debt.

CBILS key features

Is my business eligible for CBILS?

Smaller businesses from any sector can apply for the full amount of the facility. However, to be eligible for a facility under CBILS, any small or medium sized business must:

We can help

It’s always important to get good advice and that’s particularly true at present. If you have any questions about how to access CBILS please talk to us on 01423 871 870 or use our online enquiry form for a free initial consultation. We can offer initial consultations, advice and support over the phone if you have any concerns about face-to-face meetings.

 

For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information.

 

Last updated: 23rd September 2020