Extension of Coronavirus Business Interruption Loan Scheme (CBILS): The Government has now extended the closing date for new CBILS applications until 31 March 2021.
There’s no need to call us, we’ll update our website with further details as soon as they become available.
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
Please note the following are not eligible under CBILS: Banks, Insurers and Reinsurers (but not insurance brokers); public sector bodies, further educational establishments if they are grant funded and state funded primary and secondary schools.
Have a sound borrowing proposal (notwithstanding the disruption caused by the current COVID-19 pandemic)
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