• Coronavirus Business Interruption Loan Scheme (CBILS)

Coronavirus Business Interruption Loan Scheme (CBILS)

What is it?

This scheme delivered by the British Business Bank, will enable small and medium sized businesses to apply for a loan, up to £5m, with the government providing a guarantee of 80% on each loan and with no interest due for the first twelve months. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Personal guarantees of any form cannot be taken under the scheme for any facilities below £250k. The scheme will be delivered through commercial lenders, backed by the British Business Bank. CBILS is now open for applications.

Am I eligible?

A link to British Business Bank’s eligibility checklist can be found here.

The borrower remains fully liable for the debt.

What do I need to do to access it?

A guide how to apply can be found here.

An FAQ on CBILS can be found here.

Who do I need to speak to?

You should speak to your business banking provider or one of the accredited lendersWith high demand for CBILS facilities, finance providers recommend that you approach a lender via their website. Phone lines are likely to be busy and branches may not be able to handle enquiries in person.

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00• Coronavirus Large Business Interruption Loan Scheme (CLBILS)

Coronavirus Large Business Interruption Loan Scheme (CLBILS) What is it? UK government will provide a guarantee of 80% to enable banks to make loans to firms with turnover of between £45 million and £250 million of up to £25 million and loans of up to £50 million for firms with turnover of more than £250 million. Facilities will be available from 3 months up to 3 years and will be offered at commercial rates of interest. The scheme will be delivered through commercial lenders, backed by the British Business Bank. CLBILS is now open for applications. Am I eligible? Your business must:
  • Be UK-based in its business activity
  • Have an annual turnover of more than £45 million
  • Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic, and for which the lender believes the provision of finance will enable the business to trade out of any short-term to medium-term difficulty
  • Self-certify that it has been adversely impacted by the Coronavirus.
  • Not have received a facility under the Bank of England’s Covid Corporate Financing Facility (CCFF).
Lenders will need further information to confirm eligibility. All lending decisions remain fully delegated to the accredited lenders. The borrower remains fully liable for the debt. What do I need to do to access it? A guide how to apply can be found here. An FAQ on CLBILS can be found here. Who do I need to speak to? You should speak to your business banking provider or one of the accredited lenders. With high demand for CLBILS facilities, finance providers recommend that you approach a lender via their website. Phone lines are likely to be busy and branches may not be able to handle enquiries in person.