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)
Please contact your Relationship Team who will talk to you about specific Overdraft and Loan options that may be available to you.
If you are a Santander Business Banking customer seeking a facility >£50k please contact our Commercial Direct team by email firstname.lastname@example.org to discuss your requirements.
Please note that applications are subject to status and the right to decline any application is reserved.
The CBILS scheme provides a guarantee to Santander UK plc and not to you or your business.
Government support for businesses
In addition to the above initiative, the Government has announced a number of schemes over the last few weeks to support businesses through the disruption caused by coronavirus.
- a statutory sick pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief; and
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
Businesses can find information on the whole range of support that the Government is offering at the COVID-19: guidance for employees, employers and businesses page.
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/CBILS.