Coronavirus Business Interruption Loan Scheme

CBILS

is financial support to smaller businesses (SMEs).
15 April 2020

Eligibility:

  • 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? 

British Business Bank manages CBILS through its accredited lenders and has the most detailed and updated information on the loan. There are over 40 of these lenders including all the major banks.

 

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