Coronavirus Business Interruption Loan Scheme Update

23 March 2020

Details of the Coronavirus Business Interruption Loan Scheme

How Much Can I Borrow?

UK businesses can apply borrow up to £5m via the scheme.

Am I Eligible?

This scheme is specifically designed for businesses who can demonstrate a proven track record of success prior to the disruption caused by the current COVID-19 pandemic.

Businesses will need to articulate their cashflow requirements to successfully trade through the short to medium term.

Will I have to pay interest on my loan?

The loan is interest free for the first 12 months, after this period normal commercial rates will apply. No early repayment charges will be applied on the loan. You will be liable for the capital repayments over the first 12 months.

What is the maximum term of the Coronavirus Business Interruption Loan (CBIL) Scheme?

Products covered by the scheme have a maximum term of 6 years. Repayment holidays of up to 6 months will be made available on a case by case basis

Is the Coronavirus Business Interruption Loan (CBIL) Scheme a loan or a grant?

The scheme is not a grant. The scheme provides a Government guarantee to accredited lenders to allow them to provide finance, but you will still have to repay the loan.

We predict that the coming months are going to be difficult and unpredictable, but we are here 7 days per week to see how we can source the right funding for your business.

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Alternative finance options…

This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.