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.
Excluded business types
- You're a bank, insurer, reinsurer (but not insurance broker); public-sector body; further-education establishment, if grant-funded, or state-funded school.
- Your business is subject to collections or collective insolvency proceedings.
Get in touch to request a call back
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk.