Coronavirus Business Interruption Loan

How do I apply for a Coronavirus Business Interruption Loan?

A New Coronavirus Business Interruption Loan scheme to help small business survive during the COVID-19 outbreak

British Business Bank will deliver the Coronavirus Business Interruption Loan scheme, which it says will be in place from week commencing March 23 to support SMEs to access bank lending and overdrafts. Interest rates will be similar to current bank lending.

The government will provide lenders with a guarantee of 80 per cent of each loan – subject to a per-lender cap on the number of bad loans it can claim for.

And the government will cover interest payments on the first six months of the loan, making it interest free.

Is your small business eligible for a Coronavirus Business Interruption Loan?

To be eligible for support via CBILS, your small business must:

• Be UK based, with turnover of no more than £41m per annum
• Operate within an eligible industrial sector
• Confirm that you have not received €200,000 of state aid over the current and previous two fiscal years
• Have a sound borrowing proposal, but insufficient security to meet your lender’s normal requirements

Full eligibility criteria will be published shortly.

Lenders offering Coronavirus Business Interruption Loans

• ABN-AMRO
• Aldermore
• Arkle Finance Limited
• ART Business Loans
• Askif
• Bank of Ireland
• Bank of Scotland
• Barclays
• BCRS
• Business Enterprise Fund
• Calverton Finance
• Chamber Acorn Fund
• Clydesdale Bank
• Compass Business Finance
• County Finance Group
• CWRT
• Dankse Bank
• DSL Business Finance
• Enterprise Answers
• Finance for Enterprise
• First Enterprise
• GC Business Finance
• Genesis
• Haydock Finance
• Hitachi Capital UK
• HSBC
• Let’s Do Business
• Lloyds Bank
• MSIF
• Metro Bank
• Natwest
• Newable
• Robert Owen
• Santander
• Secure Trust
• Skipton Business Finance
• SWIG Finance
• RBS
• TSB
• UKSE
• Ulster Bank

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