Coronavirus Business Interruption Loan Scheme | Ulster Bank

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Coronavirus Business Interruption Loan (CBIL) extension

The government has announced an extension for new CBIL applications to 30 November 2020. Submit your new application by 30 November 2020 to be considered for lending under this scheme.

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Coronavirus Business Interruption Loan Scheme

What is CBILS?

The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative to support small and medium-sized businesses. The government provides lenders like Ulster Bank with a guarantee for 80% of qualifying loans. 

Note, the borrower remains liable for all of the debt.

  • Borrow from £50,001 up to £5m.
  • Loan terms up to 6 years with fixed and variable interest rates available.
  • 12 month capital repayment holiday is automatically applied at the start of the loan (this may mean you pay more interest over the term).
  • Interest for the first 12 months is paid by the government, and then by you for the remainder of the loan term.
  • Choose to make repayments at any time with no early repayment fee.

Security may be required. Over 18s only. Subject to status. Business use only. Any property or asset used as a security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it. Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.

Is your business eligible for a loan under CBILS?

You may be eligible if:

  • You're a UK-based business;
  • Your annual group turnover is no more than £45m;
  • You can certify that your business has been adversely impacted by coronavirus;
  • You can show evidence of affordability for lending prior to coronavirus.

You won’t be eligible if:

  • You’re a bank, insurer, reinsurer (but not insurance brokers), public sector body, state funded primary or secondary school.
  • Your business is subject to collections or collective insolvency proceedings.

Get in touch to request a call back

To qualify under CBILS, you’ll need to apply for a loan between £50,001 and £5 million for a term up to 6 years.

Note: this is not an application form.

Request a call back

Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy.

British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.

Visit british-business-bank.co.uk.

Coronavirus guidance and support

We’re here to support your business. See our latest guidance and find out how we might be able to help you.

Coronavirus support
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