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.
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.
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:
To be eligible to apply for CBILS through Nucleus Commercial Finance, you need to meet the following criteria:
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.
Yes. While we are targeting paying out all deals within 24 hours, sole traders and partnerships might take longer due to the additional steps needed in analysing additional information.
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.
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.
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