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What is it?

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to Small to Medium Enterprises across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. 

CBILS has recently been significantly expanded along with changes to the its features and the eligibility criteria. These changes mean that even more smaller businesses across the UK impacted by the COVID-19 can access the funding they need.

This scheme gives the lender a government-backed guarantee for the loan repayments. However, if you borrow money, you remain fully liable for the debt.

Am I eligible?

To be eligible, your business must:

  • be based in the UK
  • have an annual turnover of no more than £45 million
  • have a borrowing proposal which the lender would consider viable, were it not for COVID-19
  • self-certify that your business has been adversely impacted by COVID-19
  • not have been classed as a "business in difficulty" on 31 December 2019, if applying to borrow £30,000 or more.

You will need to provide certain documentation when you apply. These will vary from lender to lender, but are likely to include management accounts, a business plan, historic accounts and details of assets.

You might find it interesting to watch the video below, part of our Funding and Fintech series where we hear from one of the accredited lenders providing CBILS.

Find out more and apply

A full list of lenders, criteria and information on how to apply is on the British Business Bank's website.

British Business Bank website

Funding and Fintech Series, Episode 1 with MarketFinance

During this series we will speak with lenders, investors and Fintech who are disrupting traditional banking with new and alternative sources of funding or technology with the aim of helping businesses become more flexible and efficient.

In this episode MarketFinance share with us details of their Loan and Revolving Credit options, they have also made available to us this useful step-by-step guide about CBILS and how you can apply. 

Paul Callaghan, HIE's Senior Finance and Investment Manager, said:

"It’s incredibly difficult for businesses to keep pace with the ever increasing number of funding options and new lenders entering the market, add to this fintech providing a plethora of apps, software and platforms to see how much more there is and what potential this might have."