Coronavirus Business Interruption Loan Scheme Now Available

The Coronavirus Business Interruption Loan Scheme (CBILS) is now available to provide a loan to smaller businesses of up to £5 million with a repayment term of up to 6 years to help with lost revenue during this pandemic.

  • The CBILS can provide a government-backed 80% guarantee loan, overdraft, invoice finance or asset finance
  • There is no fee for smaller businesses to access the scheme
  • Government will pay for the first 12 months of interest and lender-related fees. NB Agricultural businesses may not be eligible for the full payments
  • Finance terms are up to 6 years for term loans and asset finance support and up to 3 years for overdrafts and invoice finance support.
  • For facilities of above £250 thousand, the lender must establish a lack or absence of security prior to the business being allowed to use the CBILS
  • The borrower remains 100% liable for the debt

Small or medium sized enterprises (SMEs - fewer than 250 employees) from most sectors including agriculture can apply for the facilities and must:

  • Be UK-based in its business activity
  • Have an annual turnover of no more than £45 million
  • Have a borrowing proposal which the lender:
    • Would consider viable, were it not for the COVID-19 pandemic
    • Believes will enable you to trade out of any short-term to medium-term difficulty

For more information and details on how to apply, please click here.