Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme is now closed to new applications.
If you have a query about CBILS, or wish to discuss an outstanding application, please contact us here in the usual way.
What Is the Coronavirus Business Interruption Loan Scheme (CBILS) ?
The Coronavirus Business Interruption Loan Scheme (CBILS), delivered through 40+ British Business Bank accredited lenders and partners, was designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enabled lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supported a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
The scheme was replaced by the Recovery Loan Scheme (RLS). For more information on the new iteration of the Recovery loan Scheme, please visit the British Business Bank’s website here.
Scheme Features
Scheme Features
- Nucleus Commercial Finance was accredited by the British Business Bank to provide CBILS 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 made Business Interruption Payments to cover the first 12 months of the agreement.
- No Personal Guarantees for facilities under £250,000.
- The borrower always remained 100% liable for the debt.
- No guarantee fee for SMEs to access the scheme.
Recovery Loan Scheme
A new iteration of the Recovery Loan Scheme (RLS), was announced by the Government in 2022. The scheme 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 £2m 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‘s website.
Frequently Asked Questions
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.
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.
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.
No. Unfortunately, you will not be able to appeal for different funding amounts or different pricing. Due to the strict reporting criteria we have to adhere to for CBILS applications set by the British Business Bank, we will not be able to review applications once declined, even if new information is provided.
Yes. You can apply for all Nucleus products via myNucleus.
More Information
Legal notice