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What was the Coronavirus Business Interruption Loan scheme (CBILS)?
CBILS was designed to help SMEs that lost revenue and had their cash flow disrupted as a result of the Covid-19 crisis. Funding was not provided by the government directly but from accredited lenders, with borrowers remaining fully liable for the debt. Under the scheme, the government paid the interest and fees of the facilities for the first 12 months. This scheme was created to provide financial support for smaller businesses during the pandemic. It was aimed at companies with a turnover of less than £45m.
The Coronavirus Business Interruption Loan Scheme is now closed to new applications. Please note that applications received by 11.59pm on 31 March 2021 can still be processed through to 31 May.
If you have a query about CBILS or wish to discuss an outstanding application, please contact us.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the government in the Budget on 3 March 2021. The new scheme, which is due to open on 6 April, aims to support businesses affected by Covid-19 as they recover and grow following the coronavirus pandemic.
RLS supports a maximum facility size of £10m, with minimum facility sizes of £1,000 for invoice and asset finance and £25,001 for term loans and overdrafts. For more, visit the British Business Bank’s website.