How long will this scheme run for?
The deadline to apply for the scheme has been extended to 31 January 2021.
Am I eligible?
All UK based businesses with an annual turnover of below £45m can apply. It remains important your borrowing proposal is considered viable by the lender.
The lender must believe this loan will enable your business to trade out of any short-to-medium term difficulty.
How can I access the scheme?
CBILS is available through the British Business Bank’s 40+ accredited lenders, which are listed on the British Business Bank website here.
In the first instance, you should approach your own provider – ideally via the lender’s website. You may also consider approaching other lenders if you are unable to access the finance you need.
Are there fees to borrow under CBILS?
There is no guarantee fee for SMEs to use the CBILS scheme. Instead, lenders will pay a fee to access the scheme.
I am getting other kinds of aid to help respond to COVID-19 – can I still get a loan?
Yes, you are still eligible for the loan scheme. Receiving business rate reliefs or grants unrelated to the CBIL scheme does not affect eligibility.
When do I have to pay it back?
The maximum term for CBILS has been extended from six years to 10 years, those businesses that need to free up cashflow can extend their loan terms to drastically reduce their monthly payments. With the downside being a greater charge in total interest costs.
For more information on the Coronavirus Business Interruption Loan Scheme, please visit the British Bank’s page and their website and read our article on Accessing the Coronavirus Business Interruption Loan Scheme.