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What is Coronavirus Business Interruption Loan (CBILS)?
CBILS can provide finance up to £5M for SMEs across the UK, if your business is experiencing cashflow disruption due to COVID-19 outbreak.
CBILS provides financial support to smaller businesses (SMEs) across the UK that is losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. CBILS gives the lender a government-backed guarantee for the loan repayments to encourage more lending.
British Business Bank operates CBILS via its accredited lenders. There are over 50 of these lenders currently working to provide finance.
If you would like to help with the Coronavirus Business Interruption Loan Scheme (CBILS), please contact us by clicking and completing the callback form. One of our dedicated specialists will contact you and discuss your requirements.
These are challenging times and businesses must remain vigilant from risks of fraud from opportunists. The fraudsters are using methods such as invoice re-direction, email, and phone phishing to obtain sensitive information or payments.
If you were a successful SME UK trading business and are facing disruption to your revenue and growth, you may be eligible for a CBILS supported loan, from £5K to £5M, from any number of accredited lenders. The maximum term of CBIL loan is six years and the first 12 months is interest-free. At the time of writing, the CBILs offer is available until September 2020.
We have prepared a COVID-19 help sheet that has information on the various Government measures to support businesses so, when you do speak to our adviser please request a copy.
Here is a good explanation by one of our experts
FAQs about Coronavirus Business Interruption Loan (CBILS)
We can help viable businesses with their loan applications, financial, liquidity forecasts, and a brief report in support of the CBILS loan application. Our fee is based on the success of the loan.
Q: Are banks’ lending to small businesses?
Yes, if your annual turnover is, or expected to be, no more than £45M, and your business is based in the UK. The business must be able to demonstrate viability.
Q: Are banks asking for security for CBILS loans?
You can borrow on an unsecured basis under the CBILS loan scheme.
Amounts under £250,000 do not require personal guarantees (PG’s) under the CBILS scheme. For CBILS facility of larger amounts, PG’s are capped at 20% and exclude your principal private residence.
Q: Can developers use business interruption loan scheme?
Real estate investment and development businesses are unlikely to be able to utilise this scheme because of one of the CBILS Loan requirement is that turnover from the trading activity must be more than 50%
Q: Can limited companies claim CBILS Loan?
Q: Are CBILS available for the self-employed?
Q: Are CBILS loans at attractive interest rates?
The rates that apply will be that of the accredited lender but the Government will cover the first year’s interest payments and any lending fees directly to the bank. After twelve months, the borrower will have to pay the interest.
Q: What is the qualification criteria for CBILS Loan?
To qualify under CBILS, you must demonstrate that the COVID-19 virus has negatively impacted your business and that you are a viable trading business based in the UK with turnover not more than £45M. CBILS will only be offered if a conventional facility could not be offered due to insufficient security.
Q: Is there a time limit to apply for CBILS Loan?
The scheme opened 23/3/2020 and will initially run for 6 months.
Q: Where can I get CBILS Loan business interruption loan?
You must apply to one of the accredited lenders directly, which includes the UK’s leading Clearing banks.
Q: My business trades internationally, will CBILS Loan work for me?
CBIL is only for businesses trading in the UK. For export businesses, you should contact the Department for International Trade (DIT) or UK Export Finance (UKEF).
Q: What do I need to get a CBILS loan?
You will be required to complete an application form and submit supporting information, which will usually include a viability report and cash flows.
Q: Which banks are lending?
The major high street UK Clearing banks are lending such as Barclays, Lloyds …..
Q: What does Government-backed lending mean?
The government will guarantee up to 80% of the loan facility under the CBILS scheme and will not require you to put up security. The Government will pay your first year’s interest directly to the lender. Personal Guarantees are still required for CBILS loans above £250K however, these are capped at 20% and do not include your home.
Who we are
Meer & Co. is a chartered accountancy and consultancy practice based in the heart of the City of London. We have over 25 years’ experience in the field and during this time we have helped many businesses to realise their full potential. Know more…