CBILS 
Coronavirus Business Interruption Loan Scheme

Support For Your Business Through the Crisis

 

 

 

 

Equipment Finance in uk

 

 

 

 

 

 

 

What Is the CBILS?

The British Business Bank has put together a scheme to assist small businesses suffering from cashflow disruptions due to lost or deferred revenues arising from the Covid-19 crisis. CBILS supports a wide range of funding facilities including asset finance facilities, term loans and invoice finance.

Lenders are provided with a government backed guarantee for 80% of the loan, which has opened the facilities to a wide range of SMEs. The first 12 months of the loan are interest free, as the government will pay for this during this period. The scheme went live on Monday 23rd March and will initially run for six months. Liquid Corporate Finance can assist your business in accessing this facility.

 

Update! - 20/08/2020

British Business Bank has confirmed that accredited lenders now have a further two months to process and approve CBILS applications. Applications must now be in by 30th September, pushing the final date for approval to November 30th.  Larger CBILS applications deadlines have been set to December 31st.

Does My Business Qualify?

  • Loan guarantees have been extended to all viable businesses.
  • Can only be used for business purposes.
  • The maximum borrowing amount is £5m for businesses with an annual turnover up to £45m.
  • The maximum borrowing amount is £25m for businesses with an annual turnover between £45m-£500m.
  • Guarantee backed loans to be offered at commercial rates of interest.
  • Trading turnover must be greater than 50%.
  • The facility can only support UK based trading businesses.
  • You have a borrowing proposal which the lender would consider viable, were it not for the covid-19 pandemic.
  • The lender believes it will enable you to trade out of any short-term to medium-term difficulty.

Is the Facility Unlimited?

  • No. CBILS will guarantee facilities of up to £25m dependant on turnover. Repayment terms are up to six years for asset finance and term loans. Revolving facilities, such as overdrafts and invoice finance are available on repayment with terms of up to three years.
  • Personal guarantees will be capped at 20% of outstanding loan balance for loans over £250,000.

How Do I Apply?

Call Liquid Corporate Finance, in the first instance, on  0333 772 1782 if you would like to learn more about equipment finance, secured loans or CBILS. We will discuss your requirements and will then approach our panel of accredited CBILS lenders with your proposal.

If the accredited lender is able to offer finance on normal commercial terms without the need to make use of the CBILS scheme, they will do so. Businesses from any sector can apply. However, there are some exceptions.

 

 

 

Get In Touch

If you would like to enquire about CBILS, contact us at Liquid Corporate Finance to arrange a consultation.

 0333 772 1782

 

Contact Us