CBILS is a scheme introduced by the UK Government to provide finance to small and medium sized businesses which have been impacted by Covid-19. The scheme covers different finance products (term loans, overdrafts, invoice finance and asset finance) and are covered by an 80% government guarantee.

CBILS was initially announced in the budget on 11 March 2020 and updated in a separate announcement on 3 April 2020. The first few weeks of the scheme have suffered with some delays and uncertainty. It is expected that CBILS will be widely used as many businesses have been significantly impacted by Covid-19 and are struggling with cash flow.

The scheme is being administered through the British Business Bank (who were founded in 2008 as a response to the Global Financial Crisis). The BBB have two key roles:

  • Approving lenders so they can offer the scheme to businesses. There are currently 47 approved lenders – more are expected to be added in the coming weeks; and
  • Registering the loans provided by the approved lenders so that each loan is being covered by the government guarantee.

Businesses considering whether to apply for a CBILS loan should speak to us to determine the offering which best fits the business.  We can also help collect the required information and make the loan application on your behalf with the bank.

Please read our more detailed guide below, or download it here.

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