• Decisions typically
    within 24 hours

  • Multiple CBILS
    accredited funders

  • No personal guarantees for finance under £250k

  • No repayments for
    the first 12 months

  • Terms up to 6 years
    with no ERC or fees

Convert Bounce Back Loan (BBL) to Coronavirus Business Interruption Loan (CBIL)

Convert my Bounce Back Loan (BBL) to a Coronavirus Business Interruption Loan (CBIL)

Due to many original accredited lenders failing to meet the spike in demand for the Coronavirus Business Interruption Loan Scheme, businesses took out a loan through the Bounce Back Loan Scheme to cover an immediate cashflow need.

Many of those same businesses now find themselves looking for further cover and are unable to take out further funding through the Bounce Back Loan Scheme.

The British Business Bank, who manage both schemes, will allow those businesses to take additional funding through the Coronavirus Business Interruption Loan Scheme, as long as this new funding settles the original funding.

Why take out a loan through the Coronavirus Business Interruption Loan Scheme (CBILS)?

The biggest benefit of taking out a loan through the Government backed CBILS is that the directors of the business do not have to provide personal guarantees or security for funding under £250,000.

You can also take funding of more than £50,000, which is the maximum amount through the BBLS.

To make the loans more affordable, the Government will cover the fees and interest for the first 12 months, so no monthly payments for the first 12 months. There is also no fees or charges for early settlement of the finance.

Key Features of the Coronavirus Business Interruption Loan Scheme (CBILS)

  • Borrow up to £250,000 without any security

  • Great rates, from 1.4%

  • Terms up to 5 years

  • Interest paid by the government for the first 12 months

  • No upfront fees or early settlement fees

Eligibility Criteria for the Coronavirus Business Interruption Loan Scheme (CBILS)

If you answer yes to all of the following, then you may be eligible for the Coronavirus Business Interruption Loan Scheme (CBILS)

  • Is your business UK based?

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

  • Is 50% of your turnover from trading activity? (not from investments)

  • Is the loan for business purposes?

  • Loan is for trading in the UK

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

  • Has your business been adversely impacted by the coronavirus?

The Funding Store have a panel of CBILS accredited lenders that can assist with your search for the right business finance in this difficult and uncharted time

Once you have decided what best suits your business needs then why not contact us on 01908 880420 or request a call back at a more convenient time.

Please note that your business will be liable for 100% of the debt. When taking out funding through the CBILS, the business is liable for the full loan amount.

If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.

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 form

Or click here for a quick quote

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