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What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
How does CBILS work?
CBILS and the Bounce Back Loan Scheme (BBLS) ended on 31st March 2021. While we await further information about the Recovery Loan Scheme due to start on 6th April 2021, you might find this blog about life after CBILS useful.
CBILS (Coronavirus Business Interruption Loan Scheme) is the government-backed business funding support scheme first introduced in March 2020 in response to the coronavirus pandemic.
Administered by the British Business Bank, CBILS can provide funding to SMEs with annual turnover up to £45 million.
To qualify for CBILS funding, businesses self-certify that they have been impacted negatively by Covid-19.
Businesses can borrow up to 25% of their annual turnover or double their annual wage bill, whichever is lower.
CBILS funding is interest-free for the first 12 months, and repayment holidays are available for the first 6–12 months.
80% of the loan amount is guaranteed by the government.
No personal guarantee is required below £250,000.
Apply for £50,000 – £5,000,000
Interest-free for the first 12 months
Repayment term up to 10 years
Capital repayment holiday of 6–12 months
No personal guarantee under £250,000
PG is limited to 20% above £250,000
Featured case study: Coffee shop
We were approached by an established coffee shop business with 4 sites in Cardiff who needed £150,000 to complete ongoing refurbishment to two of their premises which began just before the first lockdown.
Due to the first lockdown, like most hospitality businesses they had suffered cashflow issues. They managed to get a bounce back loan from their main bank, but this was not enough to cover their upcoming refurbishment costs and accrued losses. Their main bank declined their CBILS application, but we managed to get the client a CBILS loan with an alternative provider in 9 days replacing their £50k bounce back loan and giving them £100k to use as working capital.