Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative designed to support the continued provision of finance to UK smaller businesses (SMEs) affected by the COVID-19 outbreak.

The CBIL Scheme is part of a wider package of government support available for UK businesses and employees. More information can be found on the Government’s Business Support website: www.gov.uk/coronavirus/business-support.

The Scheme has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more small and medium sized businesses across the UK impacted by the Coronavirus crisis can access the funding they need.

Access to CBILS has been opened up to those smaller businesses that would have previously met the requirements for a Commercial Facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme. This significantly increases the number of businesses eligible for the scheme.

Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000. The borrower remains fully liable for the debt.

As of 18 December 2020, the Government announced that the Coronavirus Business Interruption Loan Scheme (CBILS) will be extended until 31 March 2021. Our team here at Independent Business Finance have already helped many businesses UK-wide obtain CBILS funding.

Current Scheme Features

Finance Facilities available from £50,001 up to £5,000,000
Terms up to 10 years
Interest and fees paid by the Government for the first 12 months
No Personal Guarantees for facilities under £250,000
The borrower always remains 100% liable for the debt

Current Eligibility Criteria

UK-based business that has been adversely affected by Coronavirus (COVID-19 outbreak)
Borrower to self-certify that business has been adversely impacted by Coronavirus (COVID-19 outbreak)
Turnover of no more than £45m per annum

CBILS can be used for Asset Finance, Invoice Finance, Overdrafts, Property Development Finance and Business Loans.

How do I apply for CBILS?

Complete our application form and provide details including your business name and address, turnover and contact details. We will process your application and if this is approved funds could be in your bank account within 24 hours.

Sometimes we may need further supporting documents with your application and these requirements vary from lender to lender, but are likely to include:

6 months latest business bank statements
Latest Accounts
Up to date Management Information

Legal Notice

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website: www.british-business-bank.co.uk/CBILS

Frequently Asked Questions

If you have already been declined for a CBILS Loan we have an extensive panel of lenders that we can still approach within the scheme.

Yes you can as long as the amount you are applying for falls within the scheme.

Yes you can still apply for CBILS subject to your business agreeing to repay the BBLS in full with the funds from the CBILS Loan.

The BBLS was announced in April 2020 and is a scheme aimed at micro businesses which are experiencing lost or deferred revenues as a result of the COVID-19 outbreak. Maximum funding you can apply for under the BBLS is £50,000, capped at 25% of turnover.

The Coronavirus Business Interruption Loan Scheme (CBILS) was announced in March 2020 and can provide facilities for smaller businesses (SMEs) across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow with loans available between £50,001 – £5,000,000 to support the continued provision of finance to UK SMEs during the COVID-19 outbreak.