Coronavirus Business Interruption Loan Scheme (CBILS)

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The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees. This means smaller businesses will benefit from no upfront costs and lower initial repayments.

The government will provide lenders with a guarantee of 80% on each loan (subject to the pre-lender cap on claims) to give lenders further confidence in continuing to provide finance to small and medium-sized businesses.

The scheme is delivered through commercial lenders, backed by the government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all the major banks.

Eligibility

You’re eligible if:

  • your business is based in the UK
  • your business has an annual turnover of up to £45 million
  • your business has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic
  • you can self-certify that your business has been adversely impacted by the coronavirus

What will you need?

  • Latest accounts
  • Completed Assets and Liabilities Statement
  • 3-6 months bank statements
  • Basic Cash flow forecast
  • Details/schedule of existing debt commitments to include current balance, term, date of inception, monthly repayment, purpose etc

In addition, it is recommended to have bear in some questions that may be asked in relation to your business and your specific situation;

  • Are there any long-term impacts once the current outbreak subsides?
  • What is the likely impact of Covid19 on the business’s customers, supply chain, the workforce in the next 6 months & beyond?
  • Does the business have access to additional liquidity if required?
  • What will be required to allow the business to trade at pre interruption levels?
  • Details of measures undertaken by the business to mitigate business interruption & reduce cost base?
  • Are the costs to be covered realistic for this business?

At Finance for Entrepreneurs, we are a NACFB and FCA regulated commercial finance broker, able to offer you help and advice when applying for your CBILS backed finance. We are also working with accredited lenders and some alternative finance providers to ensure that all options are considered for your business and its protection.

We’re here to give your business the best chance!

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