Apply for the Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19).
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to 拢5 million.
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
The scheme is open until 31 March 2021.
If you바카라 사이트檙e a larger business, you may be entitled to other government support.
Eligibility
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of up to 拢45 million
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the coronavirus
If you want to borrow 拢30,000 or more, you also need to confirm that your business wasn바카라 사이트檛 classed as a on 31 December 2019.
Who cannot apply
Businesses from any sector can apply, except:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- state-funded primary and secondary schools
How long the loan is for
The maximum length of the facility depends on the type of finance you apply for and will be:
- up to 3 years for overdrafts and invoice finance facilities
- up to 6 years, for loans and asset finance facilities
How to apply
There are 117 lenders participating in the scheme including all the main retail banks. You should approach a suitable lender yourself via the lender바카라 사이트檚 website.
You바카라 사이트檒l need to tell the lender:
- the amount you바카라 사이트檇 like to borrow
- what the money is for
- how long you바카라 사이트檇 like to pay it back
Supporting documents
You바카라 사이트檒l need to provide documents that show you can afford to repay the loan.
These may include:
- management accounts
- cash flow forecast
- business plan
- historic accounts
- details of assets
The documents required will vary from lender to lender and depend on how much you바카라 사이트檙e asking for. If you바카라 사이트檙e asking your existing lender for a small loan, the process may be automated and not require all of the documents.
The lender will check that the loan is:
- for a suitable business purpose
- affordable for you
- the right type of finance for your needs
The lender will decide whether to offer you a loan or another type of finance and you바카라 사이트檒l be responsible for repaying 100% of the amount borrowed.
If the lender turns you down
If one lender turns you down, you can .
You may want to consider using a broker to find the right type of finance for your needs, or do your own research using the .
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Updates to this page
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Application deadline extended to 31 March 2021.
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Number of participating lenders now 117.
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The application deadline has been extended to January 31 2021.
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The Coronavirus Business Interruption Loan Scheme scheme will close to applications after 30 November 2020.
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Further education establishments are now eligible for the scheme. We have also removed the portfolio-level cap on a lender's claims on the government guarantee.
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First published.