Coronavirus Business Interruption Loan Scheme (CBILS)

We are now accredited for CBILS via the British Business Bank and ready to support businesses with their cashflow during COVID-19. With loans between £50,001 and £250,000, your business can borrow what it needs and pay nothing for the first 12 months.

A CBILS loan from Nucleus can help you combat a lack of revenue, pay invoices or address any other funding gap and help to stabilise your business.

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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

Current 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.

ELIGIBILITY CRITERIA

Current Eligibility Criteria:

Smaller businesses from all sectors can apply for the full amount of the facility. To be eligible for a facility under CBILS, a smaller business must: 

  • Be UK based in its business activity, with turnover of no more than £45m per year.
  • Self-certify that it has been adversely impacted by the Coronavirus (COVID-19).

Please note: The following are not eligible under CBILS:

  • Banks, insurers and reinsurers (but not insurance brokers)
  • Public sector bodies
  • Further educational establishments if they are grant funded
  • State funded primary and secondary schools.

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.

• Banks, Insurers and Reinsurers (but not insurance brokers);
• public sector bodies;
• state-funded primary and secondary schools.

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 can offer revolving credit facility from £50,001 up to £250,000.

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