Scheme closed. CBILS stopped accepting new applications at the end of March 2021. It was replaced by the Recovery Loan Scheme, which itself closed on 30 June 2024. The government-backed scheme currently available is the Growth Guarantee Scheme. This entry is kept as a reference definition.
What Does CBILS Stand For?
The acronym “CBILS” is an abbreviation of “Coronavirus Business Interruption Loan Scheme”. It was 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 provided a guarantee to banks and other approved lenders, encouraging them to lend to SMEs. The government also serviced the first year’s interest and any arrangement fees. Note that the guarantee protected the lender, not the borrower — the business always remained fully liable for the debt.
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 lender fees covered by government
- More than 90 lenders accredited
- New applications accepted until 31 March 2021 only
What Is Available Now
See the Growth Guarantee Scheme for the scheme in place today, or read more on how CBILS worked and what replaced it.
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