CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (CBILS)

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HOW DOES THIS IMPACT YOU?

At Budget 2020 on Wednesday 11 March, the Chancellor announced a ‘Coronavirus Business Interruption Loan Scheme.’

We now expect the new scheme to become available from the week commencing 23 March 2020 and we will send you more information as we have it.

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CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (CBILS)

When?

At Budget 2020 on Wednesday 11 March, the Chancellor announced a ‘Coronavirus Business Interruption Loan Scheme.’

We now expect the new scheme to become available from the week commencing 23 March 2020 and we will send you more information as we have it.

 

How Does it Work?

  • It will be provided by the British Business Bank through participating providers, and will offer more attractive terms for both businesses applying for new facilities and lenders.
  • The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling what would normally be a ‘no’ credit decision from a lender to become a ‘yes’.
  • The borrower always remains 100% liable for the debt.
  • The Government will also cover the first 6 months of interest payments, so businesses will benefit from lower initial repayments.
  • The business remains liable for repayments of the capital. The maximum value of a facility provided under the scheme will be £5 million pounds.

 

What is being offered?

  • The scheme will provide finance through a wide range of products depending on the provider
  • Overdrafts
  • Invoice finance facilities
  • Asset finance facilities
  • Term Loans
  • Finance terms are from three months up to 10 years for term loans and asset finance and up to three years for revolving facilities and invoice finance.

 

Who Can Apply?

To be eligible for support via CBILS, the small business must:

  • Be UK based, with turnover of no more than £41 million per annum
  • Operate within an eligible industrial sector (a small number of industrial sectors are not eligible for support) we will have more details on this shortly.
  • Be able to confirm that they have not received State aid beyond €200,000 equivalent over the current and previous two fiscal years.
  • Have a sound borrowing proposal, but insufficiently security to meet the lender’s requirements
  • We are still awaiting more detail on the full eligibility criteria.

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