Coronavirus Business Interruption Loan Scheme

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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.

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/for-businesses-and-advisors/

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