What is a CBILS loan?
The Coronavirus Business Interruption Lending Scheme, or CBIL Scheme, is Government loan scheme to help UK SMEs impacted by coronavirus to access business finance.
The CBILS loan allows UK businesses to access financial support of £50,001 up to £5 million, if they have been negatively impacted by COVID-19. This facility is for businesses that have a turnover of less than £45 million. The loan is government-backed, so the lender is guaranteed 80% of the loan for losses incurred by default. The borrower remains 100% liable for the loan.
Businesses can borrow up to 25% of annual turnover
No fees or interest costs in the first 12 months
There is no requirement for personal guarantees if the loan £250,000 or less
For loans above £250,000, the personal guarantee is capped at 20% of the loan amount
Businesses can receive multiple CBILS loans as long as the total borrowing is no more than 25% of annual turnover and does not exceed £5 million
We work with an extensive panel of CBILS accredited lenders, providing CBILS funding in term loans, overdrafts, invoice finance and asset finance.
Why work with us?
- We have an experienced team of funding experts
- We have access to a broad variety of lenders who understand the sector
- Funding available for most legitimate business purposes, including property companies
- We can get funds approved quickly
- We only charge a fee if we can secure your business the funding you need
Our team of funding experts have years of experience in helping successful businesses access the right funding solution.
So why not give us a call for a free, no obligation chat about your business requirements and what options are available to you?
What other types of finance could I apply for?
There are many different business finance facilities that are not Government-backed which you can apply for, facilities include
- Asset Finance
- Invoice Finance
- Cash Flow Finance, including Business Loans and Merchant Cash Advance
- Property Finance
- Construction Finance
Whatever your requirements are, whether it is government-backed loan or a standard finance product, we take the stress and hassle out of finding the right finance solution for your business.
Get started now, and one of our Finance Specialists will give you a call back to discuss your requirements in further detail!
The Government has announced plans to extend the application deadline for the Coronavirus Business Interruption Loan Scheme to the end of January 2021. This gives businesses an additional two months to make applications.
Ready to get started?