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If you have any questions about CBILS, please give a member of the team a call
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The Coronavirus Business Interruption Loan Scheme (“CBILS”) can provide working capital for smaller businesses in the UK who are experiencing lost or deferred revenues due to coronavirus. CBILS is a government-backed scheme provided by the British Business Bank with the aim of supporting the continued provision of finance to UK businesses.
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Please note that for term loans and overdrafts, the minimum amount a lender can offer under CBILS is £50,001.
If your otherwise viable business has been adversely impacted by the COVID-19 pandemic and the provision of finance will enable you to trade out of any short-to-medium term difficulties, we may be able to provide you with additional lending that you would otherwise not have access to using our suite of asset finance products.
The facility is underwritten, approved and managed by Close Brothers, and repayments are paid directly to us, just like any other business loan. We offer CBILS facilities of up to £5m over a maximum term of six years.
The guarantee is to Close Brothers ("the lender"), and not the small business. As with any other commercial transaction, the borrower is responsible for repayment of the full value of any facility supported by CBILS.
If they are an existing Close Brothers Business Finance customer or are a new customer with a need for a CBILS-backed asset finance facility, please contact your Broker Development Manager.
Please note that if your business is ineligible for CBILS but we are able to offer finance on normal commercial terms without the need to make use of the scheme, we will recommend this.
To be eligible for support via a CBILS facility, a business must:
Click here to read the full British Business Bank CBILS SME Checklist
Please note: The following are not eligible under CBILS:
*Following earlier discussions with the banking industry, some lenders indicated that they would not charge arrangement fees or early repayment charges to SMEs borrowing under the scheme. HM Government greatly appreciates this approach by lenders.
**Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.
***Please note that where there is sufficient security available, it is likely that the lender will take such security in support of a CBILS facility
If you have any questions about CBILS, please give a member of the team a call
Call us on
Lines are open
9:00am - 5:00pm Monday to Friday
(excluding UK bank holidays)
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