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)
Additional notes on security:
- No personal guarantees for facilities under £250k: Personal guarantees of any form cannot be taken under the scheme for any facilities below £250k.
- Personal guarantees for facilities above £250k: Personal guarantees may still be required, at a lender’s discretion, but 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. A Principal Private Residence (PPR) cannot be taken as security to support a personal guarantee or as security for a CBIL backed facility.
- Security: For all facilities, including those over £250,000, CBILS can now support lending to smaller businesses even where a lender considers there to be sufficient security, making more smaller businesses eligible to receive the business interruption payment***.