Coronavirus Business Interruption Loan Scheme (CBILS) Providers
The Coronavirus Business Interruption Loan Scheme (CBILS) provides up to £5 million facility with an 80% guarantee, no guarantee fee for SMEs, and interest and fees covered by the Government for 12 months. This scheme aims to support UK businesses facing cashflow disruptions due to lost revenues, offering various finance products with flexible terms. Eligible SMEs must be UK-based with a turnover of no more than £45 million per year.
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Coronavirus (COVID-19) Business Survival Guide Coronavirus Business Interruption Loan Scheme (CBILS) Providers
CBILS SCHEME Up to 5m facility: The maximum value of a facility provided under the scheme will be 5m, available on repayment terms of up to 6 years. 80% guarantee: The scheme provides the lender with a government-backed, partial guarantee (80%) against the outstanding facility balance, subject to an overall cap. WHAT IS THE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME? No guarantee fee for SMEs to access the scheme: No fee for smaller businesses. Interest and fees paid by Government for 12 months: The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments. CBILS is a new scheme that can provide facilities of up to 5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Finance terms: Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance, terms will be up to 3 years. CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. Security: At the discretion of the lender, the scheme may be used for unsecured lending for facilities of 250,000 and under, with no personal guarantees for facilities under 250k. The scheme provides the lender with a government-backed guarantee, potentially enabling a no credit decision to become a yes ; The borrower always remains 100% liable for the debt. Smaller businesses from all sectors can apply for the full amount of the facility. To be eligible for a facility under CBILS, an SME must: Be UK based in its business activity, with turnover of no more than 45m per year; and Have a borrowing proposal which, were it not for the current pandemic, would be considered viable by the lender. SCHEME FEATURES If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so. For further information click here. 2 2
CBILS SCHEME (SCOTLAND) TERM LOANS PROVIDERS Barclays Clydesdale Bank Bank of Scotland Calverton Finance Hitachi Capital Compass Business Finance County Finance Group DSL Business Finance To apply and further information click here. 3
CBILS SCHEME (SCOTLAND) TERM LOANS PROVIDERS Lloyds Bank NatWest HSBC Metro Bank UKSE Santander Royal Bank of Scotland Newable To apply and further information click here. 4
CBILS SCHEME (SCOTLAND) ASSET FINANCE PROVIDERS Arkle Finance Aldermore Compass Haydock Finance Hitachi Capital County Asset Finance To apply and further information click here. 5
CBILS SCHEME (SCOTLAND) INVOICE FINANCE PROVIDERS Skipton Business Finance Calverton Finance Aldermore REVOLVING CREDIT (OVERDRAFTS) Santander Hitachi Capital County Asset Finance To apply and further information click here. 6
