CBILS
Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme is now closed to new applications. Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you have a query about CBILS, or wish to discuss an outstanding application, please contact us on 0345 6005 925 in the usual way.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides smaller and medium businesses (SME’s) in the UK with financial support for the loss in revenue leading to cashflow disruption as a result of COVID-19. The scheme is part of a series of government measures for UK businesses.
We are accredited under CBILS for Loans.
As accredited lenders for CLBILS we can support eligible customers with Term Loans and Revolving Credit Facilities (RCFs) up to £50m.
Key Features
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Loans up to £5 million
Loans up to £5 million are available under the scheme.
Limited companies, partnerships and sole traders can apply for a loan between £50,001 and £5,000,000 with us. -
Flexible terms available
Available for repayment terms of up to 6 years. You will not have to repay the capital in the first 12 months.
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Interest & Fees
The UK government will pay us, on your behalf, the interest for the first 12 months of the loan and any lender levied fees charged in connection with the establishment of the facility as a ‘Business Interruption Payment’ so you don’t have to.
We will not charge an arrangement fee. Thereafter your business will be liable for interest at the appropriate commercial rate agreed at the outset -
Security
The Government provides us as your lender with a guarantee of 80% to secure the outstanding balance on the facility.
Please note: Your business remains liable for 100% of the debt;- Other security may be required in accordance with our usual criteria but will exclude your principal private residence.
- For borrowings below £250,000 we will not require personal guarantees.
- For borrowings greater than £250,000 personal guarantees may still be required, depending on your business circumstances, but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS loan after the proceeds of business assets have been applied.
Eligibility criteria
Your business is based and operates in the UK and;
- Has an annual turnover of no more than £45m. If your business is part of a group legally or de facto basis, the combined group turnover must not exceed £45m.
- Has a borrowing proposal which were it not for COVID-19, we would consider viable under our usual lending criteria.
- Generates at least 50% of its turnover from trading or commercial activity.
- You can provide confirmation that your business has been adversely impacted by the coronavirus (COVID-19).
Insufficient security is no longer a condition to access the Scheme.
Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS
Supporting Information
We may ask you to provide certain evidence to show that you can afford to repay the facility. This is likely to include some or all of the following:
- Management accounts
- Cash flow forecast
- Business plan
- Historic accounts
- Details of assets
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.
Further information
FAQs are available here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/cbils-faqs-for-smes/
The CBILS is one element of a broad package of government financial support for UK business and employees. To learn more about the range of government supports click here: https://www.businesssupport.gov.uk/coronavirus-business-support/
Other business finance support options
In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
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