Since its initial launch, the Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded, with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the Coronavirus crisis can access the funding they need.
The scheme offers facilities for SMEs in the UK experiencing disruptions to their cashflow due to lost or deferred revenues. Delivered by the British Business Bank through accredited lenders and partners, CBILS will continue to finance UK SMEs during the Covid-19 outbreak.
Having insufficient security is no longer a condition to access the scheme and personal guarantees are not required on facilities under £250,000. The scheme provides the lender (Triodos Bank) with a government-backed guarantee.
CBILS offers facilities up to £5m, available on repayment terms up to six years for term loans and up to three years for overdrafts. The scheme provides the lender with a government-backed guarantee against the outstanding facility balance. There is no guarantee fee for SMEs to access the scheme.
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). 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). For full details on CBILS and the list of participating CBILS lenders, visit the British Business Bank website.