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Coronavirus Business Interruption Loan Scheme CBILS

Posted 21/03/2020
In his budget on 11th March the Chancellor announced the creation of a ‘Coronavirus Business Interruption Loan Scheme’, and that it would become available ‘over the coming weeks’.

This has been brought forward, and we now expect the new scheme to become available in week commencing 23 March 2020.

The scheme is operated through the British Business Bank although applications will have to be made via your high street bank.
 

The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. NB – 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 (the original announcement suggested a maximum value of £1.2 million.)

CBILS SUPPORTS A WIDE RANGE OF BUSINESS FINANCE PRODUCTS, INCLUDING:

  • Term facilities
  • Overdrafts
  • Invoice finance facilities
  • Asset finance facilities

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 ) It should be noted that sporting membership organisations are eligible.
  • Be able to confirm that they have not received de minimis State aid beyond €200,000 equivalent over the current and previous two fiscal years
  • Have a sound borrowing proposal, but insufficient security to meet the lender’s requirements
  • Full eligibility criteria will be published shortly

Finance terms are from three months up to ten years for term loans and asset finance and up to three years for revolving facilities and invoice finance.

 


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