Coronavirus Business Interruption Loan Scheme
Last Updated: 22 Jan 2021
Contents
Support provided by
British Business Bank
What does this involve?
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) that are losing revenue and seeing their cashflow disrupted as a result of the COVID-19 outbreak.
CBILS has been significantly expanded, allowing more small businesses impacted by the coronavirus crisis to access the funding they need. Insufficient security is no longer a condition to access the scheme.
This scheme gives the lender a government-backed guarantee for the loan repayments. However, if you borrow money, you remain fully liable for the debt.
The scheme will close to applications on 31 March 2021.
Am I eligible?
To be eligible, your business must:
- be UK-based
- 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 current pandemic
- self-certify that it has been adversely impacted by the coronavirus (COVID-19)
- not have been classed as a “business in difficulty”, if applying to borrow £30,000 or more
Businesses from any sector can apply, except the following:
- Banks, insurers and reinsurers (but not insurance brokers)
- Public-sector bodies
- State-funded primary and secondary schools
What does this cost?
This is a free service.
Who is this for?
The Coronavirus Business Interruption Loan Scheme is designed for small- and medium-sized enterprises (SMEs).
Important information
You will need to provide certain documents when you apply. These requirements vary from lender to lender, but are likely to include:
- management accounts
- business plan
- historic accounts
- details of assets
The scheme will close to applications on 31 March 2021.
Next steps
Visit the British Business Bank website for further information on finding a lender and details of how to apply.
Support provided by
British Business Bank