If your business is in need of additional funding during these challenging times, there are still options for taking out government-backed loans on very reasonable terms.
The Coronavirus Business Interruption Loan scheme – or ‘CBIL’ (see-bill), as it’s now referred to in business circles – has been extended and is still available for businesses that have been impacted by the Covid-19 crisis and need extra liquid cash to get through the pandemic.
Here’s your lowdown on how the CBIL scheme works:
What’s the scheme?
The CBIL scheme is available for larger businesses and gives access to government-back loans via a variety of different finance providers. The Government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months – excellent terms that you won’t find with most funding providers.
What can I claim?
By making use of the CBIL scheme, your business can access loans and other kinds of finance up to a top limit of £5million.
Who is eligible?
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of up to £45million
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the coronavirus
- When does the scheme end? Applications for the CBIL scheme have been extended and are now open until 31 March 2021 – giving you a larger window to apply for a loan.
Talk to us about applying for the CBIL scheme
If your business has been adversely affected by the Covid crisis, and you need extra funding, come and talk to us about a loan. We can explain the CBIL scheme, and provide all the necessary numbers and information needed for your loan application.
