Coronavirus Business Interruption Loan Scheme (CBILS)
The scheme is now closed
The scheme is now closed to new applications
If you have a query about CBILS, or wish to discuss an outstanding application, please contact us 020 8142 4385 or email info@newablefinance.co.uk
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, 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 £10m 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 website.
To find out more about the Recovery Loan Scheme with Newable visit our webpage.
What is CBILS?
The Coronavirus Business Interruption Lending Scheme, or CBIL Scheme, is Government loan scheme to help UK SMEs impacted by coronavirus to access business finance.
The CBILS loan allows UK businesses to access financial support of £50,001 up to £5 million, if they have been negatively impacted by COVID-19. This facility is for businesses that have a turnover of less than £45 million. The loan is government-backed, so the lender is guaranteed 80% of the loan for losses incurred by default. The borrower remains 100% liable for the loan. Newable is an accredited CBILS lender, however it is not currently originating facilities and is instead supporting UK SMEs access the scheme via other lenders.
Key benefits:
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Businesses can borrow up to 25% of annual turnover
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No fees or interest costs in the first 12 months
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There is no requirement for personal guarantees if the loan £250,000 or less
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For loans above £250,000, the personal guarantee is capped at 20% of the loan amount
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Businesses can receive multiple CBILS loans as long as the total borrowing is no more than 25% of annual turnover and does not exceed £5 million
We work with an extensive panel of CBILS accredited lenders, providing CBILS funding in term loans, overdrafts, invoice finance and asset finance.
Why work with us?
- We have an experienced team of funding experts
- We have access to a broad variety of lenders who understand the sector
- Funding available for most legitimate business purposes, including property companies
- We can get funds approved quickly
- We only charge a fee if we can secure your business the funding you need
Our team of funding experts have years of experience in helping successful businesses access the right funding solution.
So why not give us a call for a free, no obligation chat about your business requirements and what options are available to you?
What other types of finance could I apply for?
There are many different business finance facilities that are not Government-backed which you can apply for, facilities include
- Asset Finance
- Invoice Finance
- Cash Flow Finance, including Business Loans and Merchant Cash Advance
- Property Finance
- Construction Finance
Whatever your requirements are, whether it is government-backed loan or a standard finance product, we take the stress and hassle out of finding the right finance solution for your business.
Get started now, and one of our Finance Specialists will give you a call back to discuss your requirements in further detail.
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Our other finance solutions
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.
Newable Commercial Finance Limited trading as Newable Finance is registered in England and Wales. Registration number: 07474588. Newable Commercial Finance is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register www.fca.org.uk/register FRN 723703 | Data Protection number: Z6663758. Newable Commercial Finance is a finance broker, not a lender. Not all products offered by Newable Commercial Finance are regulated by the Financial Conduct Authority.