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Coronavirus Business Interruption Loan Scheme
We are accredited under the Coronavirus Business Interruption Loan Scheme and we are accepting applications
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What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
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This scheme provides lenders like us with a government-backed guarantee that potentially enables lenders to lend to businesses that might not have previously been eligible for a loan, helping those businesses through the Coronavirus.
The scheme also covers the first 12 months of interest payments and fees meaning that smaller businesses can benefit without upfront costs and lower initial repayments, which are a concern to many during this time.
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Do you meet the following criteria?
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- Are you a UK based business?
- Is your annual turnover less than 45m?
- Is more than 50% of your turnover from trading activity?
- Do you require flexibility of payment terms?
- Do you hold 3 years of trading history?
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What do I need?
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- Business bank statements for the last six months including:
- The account name and registered address
- Your sort code and account number
- All daily transactions
- At least 6 months history
- Latest full unabbreviated accounts including:
- Detailed profit and loss
- Balance sheet information
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What happens now?
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Legal
[/vc_column_text][vc_column_text]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 Bankwebsite.
Please note that, 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 business. Any queries about an active or historic EFG facility, including guarantee fee collection and alterations to their repayment profile should be raised with the lender, and not the British Business Bank.[/vc_column_text][/vc_column][/vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]
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