Coronavirus Business Interruption Loan Scheme (CBILS)

As part of the business support package against Covid-19, the UK Government announced the Coronavirus Business Interruption Loan Scheme (CBILS). Its introduction has been brought forward and is expected to commence week beginning 23rd March 2020, as things stand.

Amas can speedily undertake your application and prepare any supporting evidence required.

Furthermore, we have secured discounted rates with lender Funding Circle, with an agreement of quick turnarounds to get working capital into businesses.

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What is CBILS?

CBILS will be delivered by the British Business Bank through participating providers. It will enable businesses to apply for a loan up to £5 million, with the Government covering up to 80% of any losses without any fees. Initially, the Government will cover the first 6 months of interest payments. 

As well as loans, there are other types of finance available:

  • Term facilities
  • Invoice finance facilties
  • Asset finance facilities
  • Overdrafts

 

Eligibility for CBILS

To be eligible, small businesses must:

  • Be based in the UK and have turnover below £41 million;
  • Operate within an eligible industrial sector (for non-eligible, click here);
  • Are able to confirm business has not received de minimis state aid beyond €200,000 equivalent over the current and previous two fiscal years; and
  • have a sound borrowing proposal but insufficient security to meet the lender’s requirements.

The full eligibility criteria is yet to be released, however. We will be updating and communicating any information as we get it. 

You can read full CBILS guidance at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

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Other Funding Measures

Of course, there are other relief measures in place beyond CBILS. An effective action would be to consider all measures available to you - especially those which may give relief quicker whilst the CBILS application is on-going. The Scottish Government announced a £2.2 billion support package for businesses on 18 March 2020, including:

  • £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief;
  • £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000; and 
  • a full year’s 100% non-domestic rates relief for retail, hospitality and tourism. 

You can find the full publication from the Scottish Government here: https://www.gov.scot/news/gbp-2-2-billion-for-business/

The relief measures announced by both the UK Government and Scottish Government are likely to be extended further over the coming days. We will be keeping our finger on the pulse regarding any developments to ensure businesses are fully informed.

How Can Amas Help?

Amas are equipped to assist interested businesses to complete applications and borrowing proposals remotely with no face to face contact required.

We are investigating the various government grants and other support measures as they are announced and would be delighted to help any of our clients through the application process for these.

We have extensive funding expertise within our ranks which will ensure borrowing proposals are robust.

Select from one of the options below to start the process:

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We look forward to speaking from you.