Coronavirus Business Interruption Loan Scheme

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.

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” on 31 December 2019, if applying to borrow £30,000 or more

This is a free service. 

The Coronavirus Business Interruption Loan Scheme is designed for small- and medium-sized enterprises (SMEs).

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

Visit the British Business Bank website for further information.