The Coronavirus Business Interruption Loan Scheme (CBILS) is available for UK companies that have an annual turnover between £1,000 - £45 million.
Please be aware that this is a government backed guarantee scheme. However, your business will always remain responsible for repayments of the whole (ie.100%) of the debt.
We will not take personal guarantees (PGs) as security for CBILS lending below £250,000.
For lending above £250,000, personal guarantees may still be required but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied. A principal private residence (PPR) will not be taken as security to support a personal guarantee or as security for a CBILS-backed facility.
Is my business eligible?
To be eligible to be considered your business must:
- Be based in the UK, with a turnover of no more than £45 million per annum
- Operate within an eligible industrial sector - your Relationship Director will be able to confirm this with you or you can confirm this by visiting the British Business Bank website
- Have a sound borrowing proposal and be viable (notwithstanding the disruption caused by the current COVID-19 pandemic)