The British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS) is a government-backed scheme that aims to support the continued provision of finance to UK SMEs that are experiencing lost or deferred revenues, leading to disruptions in their cashflow as a result of the COVID-19 outbreak.
The scheme enables lenders to provide finance facilities of up to £5m over a maximum of six years. The first 12 months’ interest and fees is covered by the government.
Simply is accredited with the British Business Bank to provide asset finance facilities through CBILS and is now taking applications. Please speak to your dedicated sales manager (click on sales map to locate someone in your area) or click here to fill out our application form and a member of the team will be in contact with you to discuss your needs.
All companies who apply under the scheme will need to provide us with information about their business and pass eligibility checks
To help you understand if you may be eligible to apply to a CBILS-backed facility, please ensure you can answer yes to the following:
CBILS has been designed to ensure that appropriate government support can be provided within a short timeframe to help businesses manage the impact of the coronavirus outbreak.
Almost all business sectors can access CBILS. Some different terms will apply for a small number of areas, including for some agriculture and aquaculture businesses.
The following are excluded:
Simply can offer asset finance facilities (loans against assets) of up to £5m over a maximum term of six years through CBILS.
Once you are in contact with one of our reps, we will ask you for one or more of the following to finish your application:
We may also request the following:
As with any other commercial transaction, the borrower is always responsible for the repayment of the full value of any facility supported by CBILS. The government-backed guarantee is to the lender and not the small and medium-sized business.
The UK government will pay interest and fees for the first 12 months of the agreement.
We will supply you with clear documentation listing your financial obligations and the element that is being covered by the government.
No personal guarantees are required for facilities under £250k. For facilities over £250k, we may still require a personal guarantee but:
Providing we have everything we have asked for we can get you a decision within four hours.
CBILS loans are available for terms of up to six years, with the interest and fees over the first 12 months paid by the government.
At Simply we have many other options available, we also have a panel of funders we can work with to find the best suited product to help you through this current climate.
Please see the government support website for details.
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). Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.