CBILS: government-backed loans to help you thrive, not just survive

We were an accredited provider of the governments Coronavirus Business Interruption Loan Scheme (CBILS), which closed in March 2021. The initiative offered loans of £750,000 to £5m, with no interest or fees for the first 12 months. Funds could be used for short-term needs, such as working capital, or longer-term projects, such as expanding a firm through M&A.

The essentials

  • Are you eligible?

  • Limited company registered in the UK
  • Adversely affected by Covid-19
  • Maximum turnover of £45m
  • Not an “undertaking in difficulty”
  • Most sectors considered
  • Our terms

  • Minimum loan size of £750,000
  • Maximum loan size of £5m
  • No interest or fees for first 12 months
  • Interest rates typically 8% to 12%
  • No personal guarantees required
  • Customise your loan

  • Loans may cover working capital
  • Use funds for growth strategies
  • Deliver your acquisition plans
  • Terms of up to five years
  • Cost depends on overall risk profile

How it worked

The Coronavirus Business Interruption Loan Scheme (CBILS), delivered by lenders accredited by the British Business Bank, was designed to support UK SMEs that were experiencing lost or deferred revenues during the Covid-19 pandemic, leading to disruption to their cash flow.

The government guaranteed 80% of each loan and covered the interest and fees for the first 12 months. We offered CBILS term loans, which ranged from £750,000 to £5m and were to be repaid over a maximum term of five years.

This scheme helped companies to thrive, not just survive – so we tailored our loans to each company’s needs, whether their management teams required funds for working capital or money to implement growth strategies, such as buying an existing business in the UK.

The Coronavirus Business Interruption Loan Scheme is now closed to new applications. Please note that applications received by 11.59pm on 31 March 2021 can still be processed through to 31 May.

If you have a query about CBILS or wish to discuss an outstanding application, please contact us.

Recovery Loan Scheme

A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the government in the Budget on 3 March 2021. The new scheme, which is due to open on 6 April, aims to support businesses affected by Covid-19 as they recover and grow following the coronavirus pandemic.

RLS supports a maximum facility size of £10m, with minimum facility sizes of £1,000 for invoice and asset finance and £25,001 for term loans and overdrafts. For more details, visit the British Business Bank’s website.

 


 

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). The British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details about CBILS and the list of accredited lenders can be found on its website.

 

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