Coronavirus Business Interruption Loan Scheme (CBILS)

The CBILS is a new scheme announced by the Chancellor in March. It came into force on 23rd March 2020 and was updated on 3rd April 2020 to expand the offering to businesses that were previously excluded. It is designed to help businesses raise finance for purchases, working capital and general business purposes through commercial loans, asset finance and invoice finance during these uncertain times.

CBILS FEATURES

£5 Million Facility Limit & Up to 6 year Finance Term

Up to £5 Million available depending on the size and requirement of your business. Terms available up to six years

No Personal Guarantees up to £250,000.00

The scheme was recently amended to remove the requirement for personal guarantees against the lending

Commercial Terms but First 12 Months Interest Paid

A business interruption payment backed by the government will be paid to lender to cover the first 12 months of interest

Lender Guarantee - Covers 80% of the Advance

The Government provides lenders with an 80% guarantee against losses they might experience should a customer cease trading

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Get in touch to see how we can assist.

ELIGIBILITY

To be eligible for the scheme your business must:

Location

Be UK-based in its business activity

Turnover

Have an annual turnover of no more than £45 million - there are other options available for larger companies, please contact us to discuss

Proposal

Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic

Impact

Self-certify that it has been adversely impacted by the coronavirus (COVID-19)

Government supported funding update

Almost £73bn of loans delivered to 1.6m UK businesses

Bounce Back Loan

£45.6bn to 1,500,466 businesses

CBILS

£22bn to 92,449 businesses

CLBILS

£5.3bn to 705 businesses