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.

Following a second extension, the scheme now runs until 31st January 2021.

CBILS FEATURES

Facility limit

£5 Million
Up to £5 Million available depending on the size and requirement of your business 

Finance term

Up to 6 years
Terms available up to six years, shorter terms are available

Guarantees

No Personal Guarantees up to £250,000.00
The scheme was recently amended to remove the requirement for personal guarantees against the lending

Cost

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, meaning 12 months of lower monthly payments

Lender Guarantee

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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    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

    More than £65.4bn of loans delivered to 1,476,042 UK businesses

    Bounce Back Loan

    £42.18bn to 1,397,475 businesses

    CBILS

    £18.46bn to 77,909 businesses

    CLBILS

    £4.84bn to 658 businesses