The Coronavirus Business Interruption Loan Scheme is now closed to new applications. The below Scheme information is for reference only.
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 in the usual way.
Launched by the British Business Bank in response to the Covid-19 outbreak, the Coronavirus Business Interruption Loan Scheme (CBILS) is designed to support UK small and medium-sized businesses who have been adversely affected by the outbreak. It is only available through accredited CBILS lenders.
The scheme enables 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.
Key features
- Repayment terms up to 5 years
- No guarantee fee for SMEs to access the scheme
- The borrower remains fully liable for the debt
- The scheme provides the lender with a government-backed guarantee for 80% of the value of the loan
- No personal guarantees for facilities under £250k. For facilities over £250k, personal guarantees may still be required but recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied
- Principal Private Residence (PPR) – A borrowers/guarantors PPR cannot be taken as security to support a Personal Guarantee or as security for a CBIL backed facility
- The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments
Eligibility
We can provide CBILS loans in the Northern Powerhouse Investment Fund region, with a focus on:
- Cheshire
- Cumbria
- Greater Manchester
- Lancashire
- Merseyside
- Tees Valley
You must also:
- Require a loan of between £100,000 and £750,000
- Have an annual turnover of up to £45 million
- Have a borrowing proposal which we would consider viable, if not for the coronavirus pandemic
- Be able to self-certify that your business has been adversely impacted by coronavirus
- Have evidenced to FW Capital the repayment of any outstanding Bounce Back Loan before a CBILS loan from FW Capital can be released to the applicant
- Have less than 250 employees (full-time equivalent)
Your business must generate more than 50% of its turnover from trading activity.
Your CBILS-backed facility will be used to support primarily trading in the UK.
You must not be a business in difficulty. For more information, please refer to the British Business Bank's FAQ's below.
Please note, FW Capital are only able to consider funding to eligible SMEs where private sector lenders (e.g. banks, finance companies) have been unable to support this requirement, or where indicated terms were deemed unacceptable.
FAQs
If you have any questions the British Business Bank has a comprehensive CBILS FAQ page.
