What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
The scheme is not directly provided by the government but is instead run through approved finance companies including all the major banks. It is different to a normal loan in that it is backed by the government, meaning that you will not need to provide any personal guarantee (on any loan of less than £250,000).
The scheme gives you support to access a wide range of loans, including term loans, overdrafts, invoice finance and asset finance to help you with cashflow during the coronavirus pandemic period.
Am I eligible?
If you have been receiving your payments through a separate business account then you are able to apply for the scheme through any one of the 40 approved lenders.
You must be able to meet the lenders normal requirements for a business loan.
How do I apply?
You will need to approach one of the approved lenders in the scheme and discuss the loan that you would like to receive with them. If you are rejected, you may still go to another lender.
Official website: Coronavirus Business Interruption Loan Scheme (CBILS) - for SMEs and Advisors
Find an approved lender: Current Accredited Lenders and Partners
Gov.uk: Find coronavirus financial support for your business