• Decisions typically
    within 24 hours

  • Multiple CBILS
    accredited funders

  • Terms up to 6 years
    with no ERC or fees

  • No interest payments for
    the first 12 months

  • No personal guarantees
    for finance under £250k

CBILS

Are you looking to apply for the CBILS?

CBILS is the Coronavirus Business Interruption Loan Scheme. It is a government backed initiative that is designed specifically for UK businesses during the current COVID19 pandemic.

It allows UK businesses to apply for finance of up to £5million with the government guaranteeing 80% of the funding to the lender.

To make the loans more affordable, the government will cover the interest for the first 12 months of the loan with no capital payments either. If you want to settle the loan early, you will pay no early repayment charges.

The Funding Store have a panel of CBILS accredited lenders that can assist with your search for that right business loan. Once you have decided what best suits your business needs then why not contact us on 01908 880420 or apply below.

Do I need to provide a personal guarantee?

Under the CBILS, you will not need to offer a personal guarantee of any form for facilities below £250,000.

For facilities above £250,000, personal guarantees may still be required, at the lender’s discretion, but they will exclude the Principal Private Residence (PPR), and recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied.

I have been rejected by a lender for a CBILS already, can I reapply?

Yes, if one lender turns you down, you can still approach other lenders within the scheme.

CBILS Eligibility Criteria

If you answer yes to all of the following, then you may be eligible to apply for the CBILS.

  • Is your business UK based?

  • Does your business have an annual turnover of up to £45 million?

  • Would your business be viable were it not for the pandemic?

  • Has your business been adversely impacted by the coronavirus?

Who can apply for the Coronavirus Business Interruption Loan Scheme?

Businesses from any sector can apply, except:

  • Banks, insurers and reinsurers (but not insurance brokers)

  • Public-sector bodies

  • State-funded primary and secondary schools

How long the loan is for on the Coronavirus Business Interruption Loan Scheme?

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

If you want to borrow £30,000 or more, you also need to confirm that your business was not classed as a business in difficulty on 31 December 2019.

Please note that your business will be liable for 100% of the debt. When taking out funding through the BBLS or CBILS, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a guarantee to the lender, not to the business.

How it works

CBILS Application

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