- UK - based
- have an annual turnover of no more than £45 million
- were disrupted by the COVID-19 outbreak
- Insufficient security is no longer a condition to access the scheme (operational with lenders from Monday 6 April 2020):
1. No personal guarantees for facilities under £250,000.
2. Personal guarantees may still be required, at a lender’s discretion, for facilities above £250,000, but they exclude the Principal Private Residence (PPR) and recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied.
What do you get?
- Loans up to £5million (you can apply for a loan between £25,001 and £5,000,000)
- Spread repayments of your loan from 1 to 6 years
- No interest payments for the first 12 months (covered by the UK government under “Business Interruption Payment”)
Who provides it?