What is it?
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SME’s) across the UK that are losing revenue, and seeing their cashflow disrupted, as a resule of the COVID-19 outbreak. The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website.
As of 17th December, the UK Government has announced that the Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until 31st March 2021.
How does it work?
CBILS is done via accredited lenders who are currently working to provide finance. They include many types including:
- High street banks
- Challenger banks
- Asset-based lenders
- Smaller specialist local lenders
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. The loan scheme can be available for up to 6 years, depending on the type of finance applied for.
Eligibility
You can apply for a loan if your business:
- Is based in the UK
- Has an annual turnover of up to £45 million
You will need to show that your business:
- Would be viable if it were not for the pandemic
- Has been adversely impacted by the coronavirus
You cannot apply if you are:
- A bank, insurer or reinsurer
- Public sector body
- State funded primary or secondary school
How do I apply?
If you would like more information, or the options then please get in touch.
