Coronavirus Business Interruption Loan Scheme application
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.
What is the Coronavirus Business Interruption Loan Scheme?
The British Business Bank’s Coronavirus Business Interruption Loan Scheme ("CBILS") facilitates lending to smaller businesses. It is only available through accredited CBILS lenders and is designed to help SMEs manage cash flow during the COVID-19 pandemic.
Under the scheme, we can offer government-backed loans between £1,000 and £5m to businesses using our asset finance facilities.*
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.
*Our ability to provide you with finance is dependent upon us receiving a guarantee from the UK Government under the CBILS. This CBILS guarantee provides us with a partial guarantee, should you default on repaying us the amounts under the Finance Agreement. The CBILS guarantee is provided to us and not to you. You will always remain responsible for repaying the whole of the amount owing under the Finance Agreement.
If for any reason we are unable to secure the CBILS guarantee in relation to your finance at any stage of your application, we may no longer be able to lend to you. If this happens we will be in touch with you to inform you of our decision.
Is my business eligible?
To be eligible for support via a CBILS facility, a business must:
1. Be a viable UK based business, with a turnover of no more than £45m per annum
2. Generate more than 50% of its turnover from trading activity
3. Require a CBILS-backed facility to support primarily trading in the UK
4. Borrow up to a maximum of £5m (finance terms are up to six years for term loans and asset finance)
Please note: As with any other commercial transaction, the borrower is always responsible for repayment of the full value of any facility supported by CBILS.
Please note: The guarantee is to the lender, and not the small business
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