What is the loan available for?
The Coronavirus Business Interruption Loan Scheme (CBILS) offers financial support for small and medium-sized businesses whose cash flow has been affected by the COVID-19 pandemic. The scheme allows SMEs to access up to £5 million in loans and other financial support. Under CBILS, the government will cover the cost of the first 12 months of fees and interest, as well as guarantee 80% of the loan to the lender.
Any eligibility criteria?
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of up to £45 million
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the coronavirus
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.
Who cannot apply
Businesses from any sector can apply, except:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
How to apply?
The full rules of the scheme and guidance on how to apply is available on the British Business Bank website.