CBILS

Coronavirus Business Interruption Loan Scheme

Deadline for application has been extended to 31st January 2021. This gives a further 3 months for applications to be completed.

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What is CBILS?

CBILS is a government-backed scheme providing facilities of up to £5 million for smaller businesses across the UK that are experiencing lost or deferred revenue, leading to disruptions to their cash-flow. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

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Do you need help or advice accessing a loan between £50,001 and £5M?

Whilst the CBILS core principles are fixed, there are over 100 accredited lenders with widely differing criteria & appetite The application process can be complex and financial data needs to be presented correctly to maximise your chances of success.
We are NACFB-affiliated and can help guide you through the application process & an understanding of your best options.
(Note:for loans of £2000 to £50,000 the Bounce Back Loan Scheme (BBLS) is by far the quickest, easiest & cheapest option. You should apply through your own bank as the process is minimal/simple & the loan payment very fast. Be aware, however, this may well preclude or limit your access to other CBILS Loans/Hire Purchase/Leasing).

Key Features of CBILS

  • Loans of £50,001 to £5 million
  • Term loans, overdrafts, asset finance, invoice finance, refinance
  • No personal guarantees for facilities under £250,000
  • Term of 3 to 6 years depending on facility type & lender
  • Government guarantee of 80% of debt to lender ( Note : borrower remains 100% liable for debt)
  • Interest- free for first 12 months & no lender fees
Eligibility

Your business must :

  • Be UK-based in its business activity
  • Have an annual turnover of no more than £45 million
  • Generate more than 50% of its turnover from UK-based trading activity
  • Self-certify to having been adversely impacted by Coronavirus
  • Not have been classed as a business in difficulty as at 31 December 2019
  • Have a proposal which would have been financially viable prior to the impact of Coronavirus
Information Required

This will vary depending on the lender & type of finance sought (loan/asset finance/invoice finance), but as a minimum:

  • Full sets of last 2 years accounts
  • Up to date management accounts
  • 3-6 months bank statements
  • Purpose of loan
  • Detail of how Coronavirus has impacted the business

Each lender makes its own decision on whether or not accept a proposal, and what products (loan/asset finance/invoice finance) & terms (loan amount & repayment period) it wants to offer. These are unprecedented times, with many businesses struggling, but there is a lot of accessible help out there.

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Feel free to talk through a proposal with us, or seek a bit of guidance on your best options.

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