Coronavirus Business Interruption Loan Scheme (CBILS) - Luton Council

 

​The British Business Bank manages the Coronavirus Business Interruption Loan Scheme (CBILS) which is delivered through a range of over 40 accredited lenders.
 
With the aim of supporting the continued provision of finance to UK businesses experiencing increased costs or disruptions to cash flow during the Covid-19 outbreakIt offers attractive terms for both:
  • businesses applying for new facilities
  • lenders
The scheme provides the lender with a government-backed guarantee against the outstanding facility balance, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.
 
Businesses will benefit from no upfront costs and lower initial repayments as the government will cover:
  • the first twelve months of interest payments
  • any facility arrangement fees charged by lenders
The maximum value of a facility provided under the scheme will be £5m. Note that the borrower always remains 100% liable for the debt.
 
To find out more about the CBILS, please visit www.british-business-bank.co.uk/CBILS

Smaller businesses

Access to the scheme has been opened up to those smaller businesses who:
  • would have previously met the requirements for a commercial facility
  • would not have been eligible for CBILS
This significantly increases the number of businesses eligible for the scheme.
 
Any business interested in applying to CBILS should talk to their bank or finance provider (not the British Business Bank) as soon as possible and discuss their business plan with them. This will help the finance provider to act quickly once the Scheme has launched.
 

Find out more about CBILS

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