Coronavirus Business Interruption Loan Scheme now open for SMEs
The Coronavirus Business Interruption Loan Scheme (CBILS) is a new scheme which can provide loans of up to £5m for SMEs experiencing cashflow disruptions as a result of the COVID-19 crisis.
The scheme is now available and provided by the British Business Bank through participating providers. All 40+ accredited lenders are ready to provide CBILS as of Monday 23rd March.
The scheme is open to businesses with a turnover of less than £45m per year. The Government will cover the first 12 months of interest payments and any lender fees, so smaller businesses will not face upfront costs and will benefit from lower initial repayments.
The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs.
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