Whats Does CBILS Stand For?
The acronym “CBILS” is an abbreviation of the phrase “Coronavirus Business Interruption Loan Scheme”. This is a loan scheme introduced by the UK government in April 2020 to support businesses through the coronavirus pandemic.
The premise of the scheme was that the UK government would provide a guarantee to banks and other approved lenders, encouraging loans to SME’s. The government would also service the first year’s interest and also any arrangement fees.
A large number of banks and specialist business lenders have signed up. You can apply direct with your bank or through a wide number of other accredited scheme members.
Main Features of The CBILS Loan Scheme
- For businesses with a turnover of less than £45m
- Loans & finance up to £5m
- Types of finance: Business loans, overdrafts, invoice finance, asset finance, bridging & development loans
- First 12 months of interest and lenders fees covered
- More than 90 lenders accredited
- New applications until 31 March 2021
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