Coronavirus business interuption loan scheme

Cbils
What is the Coronavirus Business Interruption Loan Scheme?

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.

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About CBILS

How can I access CBILS through Simply?

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

Is my business eligible?

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:

  • Your application must be for business purposes and the business must have been adversely impacted by the Coronavirus (COVID-19)
  • You must be a UK-based SME with annual turnover of up to £45m
  • Your business must generate more than 50% of its turnover from trading activity
  • Your CBILS-backed facility will be used to support primarily trading in the UK
  • You wish to borrow up to a maximum of £5m.

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.

Does it apply to all sectors?

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:

  • Banks, insurers and reinsurers (but not insurance brokers)
  • Public sector bodies
  • State-funded primary and secondary schools
How much can I borrow using CBILS?

Simply can offer asset finance facilities (loans against assets) of up to £5m over a maximum term of six years through CBILS.

What do I need to apply for a CBILS asset finance loan?

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:

  • Details of the impact the Coronavirus (COVID-19) has had on your business
  • Three months’ bank statements – which we can access through open banking
  • Details of assets you wish to purchase or refinance
  • Most recent set of accounts

We may also request the following:

  • Business plan
  • Management accounts
Who is responsible for the full value of the debt?

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.

What involvement does the government have?

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.

Do I need a personal guarantee for CBILS?

No personal guarantees are required for facilities under £250k.  For facilities over £250k, we may still require a personal guarantee but:

  • No charge will be taken over a Principal Private Residence (PPR)
  • 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
When will I get a decision on my CBILS loan?

Providing we have everything we have asked for we can get you a decision within four hours.

How long will I have to pay back my CBILS loan?

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.

What if I do not qualify for a CBILS – can Simply still help me?

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.

What other forms of government support are available?

Please see the government support website for details.

Who manages the scheme?

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.

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