The CBILS Scheme is a government backed initiative known as
the Coronavirus Business Interruption Loan Scheme. The scheme was created to
help businesses who have been impacted negatively by the coronavirus pandemic.
The scheme helps small and medium-sized businesses to access loans and other
kinds of finance up to £5 million.
The government guarantees 80% of the finance to the lender
and pays interest and any fees for the first 12 months.
The maximum length of the facility depends on the type of
finance you apply for and will be:
·
up to 3 years for overdrafts and invoice finance
facilities
· up to 6 years, for loans and asset finance facilities
Who is eligible to apply for the CBILS Scheme?
You can apply for the CBILS Scheme if your government falls
under the following the conditions:
·
The organisation is based in the UK.
·
The organisation has a turn of less than £45
million.
·
The organisation would be viable without the
pandemic’s adverse effects.
·
The organisation has been adversely impacted by
the coronavirus.
·
To borrow £30,000 or more, you will also need to
confirm that the business was not classed as a business in difficulty on 31
December 2019.
If you meet all these criteria then you are eligible to
apply for the CBILS Scheme.
CBILS Scheme News
The CBILS Scheme has officially been withdraw as of the 31st
of March 2021. This means no new applications will be accepted for the
scheme and the government has officially withdrawn their support. For more
information on additional support offered from the government during this time
visit the government website.
References
https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
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