The Coronavirus Business Interruption Loan Scheme (CBILS) supports SMEs that have seen cashflow impacted by Coronavirus with access to loans, overdrafts, invoice finance and asset finance of up to £5m and for up to 6 years.
Please note we are only providing loans under this scheme.
Please be aware that CBILS is one example of multiple measures announced by Government. You can find full details of the temporary, timely and targeted approaches to support businesses through this period of disruption caused by COVID-19, here.
Eligibility & Application
Currently, to be eligible for CBILS through Enterprise Answers, you must be a business based in Cumbria, North Lancashire or The Yorkshire Dales. We strongly encourage any business, including existing Enterprise Answers clients, looking for the support of CBILS, to contact their original finance provider and bank in the first instance.
We would also strongly recommend that potential applicants and existing clients who, having spoken to their bank, still wish to apply for loans administered under CBILS to fully explore the following:
- What their current finance provider / bank can do to help, including through non CBILS means
- The Coronavirus Job Retention Scheme
- Any potential savings in their discretionary spending
- Any potential agreements with their creditors, in particular landlords
- VAT and Income Tax payments deferral
- The HMRC Time To Pay Scheme
- The 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses
- Small business grant funding of £10,000 for all business in receipt of small business rate relief
- Grant funding of £25,000 for retail, hospitality and leisure businesses with rateable values between £15,001 and £51,000
This is a loan product, not a grant, and so serviceability must be demonstrated. It may also be necessary to provide security. Note that no business owner will be asked to put up their principal private residence as security. Note also that we are limited in how many businesses we can support with this scheme as we only have a very small allocation. Accordingly, we expect the average CBILS loan to be well below £250k despite the theoretical £5m maximum.
For businesses who are not eligible to apply for a loan from Enterprise Answers, you can see a full list of CBILS providers here and the latest government support here. To enquire, please contact [email protected]
The Coronavirus Business Interruption Loan programme 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. For full details visit www.british-business-bank.co.uk/CBILS