COVID-19 Member Update – Coronavirus Business Interruption Loan Scheme
More detail has emerged this morning about the Coronavirus Business Interruption Loan Scheme (CBILS), which was previously announced by the Chancellor of the Exchequer and has opened today and will remain so for an initial 6 months.
CBILS can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. The scheme will support a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities. According to the British Business Bank who are administering the scheme, CBILS will provide a lender with a government-backed guarantee potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
Much more detail about the Coronavirus Business Interruption Loan Scheme including eligibility criteria and how to access the scheme is available via the following link – https://www.british-business-bank.co.uk/wp-content/uploads/2020/03/British-Business-Bank-CBILS-FAQs-for-SMEs-FINAL.pdf