Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme is now closed to new applications.

Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021. 

If you have a query about CBILS, or wish to discuss an outstanding application, please contact us here in the usual way.

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What Is the Coronavirus Business Interruption Loan Scheme (CBILS) ?

The Coronavirus Business Interruption Loan Scheme (CBILS), is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme which is partially guaranteed by the Government, enables lenders such as Nucleus Commercial Finance to provide funds to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.

In addition there are no guarantee fees for SMEs to access the scheme. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and fees charged in the first year, allowing businesses to benefit from no upfront costs and lower initial repayments.

The borrower always remains 100% liable for the debt.

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SCHEME FEATURES

Scheme Features

  • Nucleus Commercial Finance is accredited by the British Business Bank to provide finance facilities from £50,001 up to £250,000.
  • Terms of up to 6 years.
  • Interest and fees paid by Government for 12 months: The Government will make a Business Interruption Payment to cover the first 12 months of the agreement.
  • No Personal Guarantees for facilities under £250,000.
  • The borrower always remains 100% liable for the debt.
  • No guarantee fee for SMEs to access the scheme.

RECOVERY LOAN SCHEME

A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.

Frequently Asked Questions

To be eligible to apply for CBILS through Nucleus Commercial Finance, you need to meet the following criteria:

  • Be a UK-based business;
  • Have a turnover of no more than £45 million per year;
  • Generate more than 50% of your turnover from trading activity;
  • Use the CBILS-backed facility to primarily support trading in the UK;
  • Self-certify that your business has been adversely impacted by the Coronavirus (COVID-19);
  • Not have been classed as a “business in difficulty” on 31 December 2019, if applying to borrow £50,001 or more.

To apply for CBILS, fill in our simple application form here providing your business details including business name & address, turnover and contact details. 

We will process your application as soon as possible. If your application is approved, funds will be in your bank account the very same day.

We may require additional documents with your application. These could include bank statements for the last 6 months and latest full accounts.

Nucleus Commercial Finance CBILS loans range from £50,001 up to £250,000.

Unfortunately, we are not currently accepting any applications from sole traders and partnerships, but keep checking for updates to see if this changes.

No. The borrower will make no repayments for the first 12 months.

No. We will not be taking debentures or any other form of security.

No. Initially, the maximum loan facility will be £250,000. We will review this in due course.

Yes. We can provide a CBILS loan to a business with an existing BBLS loan, subject to the business agreeing to repay the BBLS loan in full. On step 2 of the application process, questions related to an existing BBLS loan need to be answered. 

Yes. We can provide an additional CBILS loan to a business with an existing CBILS loan, subject to the aggregated value of CBILS loans not exceeding £5m. On step 2 of the application process, questions related to an existing CBILS loan need to be answered.

No. We cannot provide a CBILS loan to these businesses.

We need details for all signatory Directors. To ensure quick payouts, we suggest you include details for all directors.

The CBILS loan agreement is in line with our Cash Flow Finance product. The minimum term is 12 months and thereafter, the loan can be repaid along with 3 months interest.

No, you do not need to be a home owner for CBILS loans.

MORE INFORMATION

Please note: The guarantee is to the lender, and not the small business Any queries from a business with an active or historic EFG facility, including guarantee fee collection or alterations to their repayment profile should raise them with their lender, and not with the British Business Bank.

Legal notice

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank

website at: www.british-business-bank.co.uk/CBILS