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Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (“CBILS”) can provide working capital for smaller businesses in the UK who are experiencing lost or deferred revenues due to coronavirus. CBILS is a government-backed scheme provided by the British Business Bank with the aim of supporting the continued provision of finance to UK businesses.

What is the Coronavirus Business Interruption Loan Scheme?

The British Business Bank’s Coronavirus Business Interruption Loan Scheme ("CBILS") facilitates lending to smaller businesses. It is only available through accredited CBILS lenders and is designed to help SMEs manage cash flow during the COVID-19 pandemic.

Under the scheme, we can offer government-backed facilities between £1,000 and £5m to businesses and professionals using our current finance facilities.

The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.

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How does CBILS work?

If your otherwise viable business has been adversely impacted by the COVID-19 pandemic and the provision of finance will enable you to trade out of any short-to-medium term difficulties, we may be able to provide you with additional lending that you would otherwise not have access to using our suite of asset finance products.

The facility is underwritten, approved and managed by Close Brothers, and repayments are paid directly to us, just like any other business loan. We offer CBILS facilities of up to £5m over a maximum term of six years. 

The guarantee is to Close Brothers ("the lender"), and not the small business. As with any other commercial transaction, the borrower is responsible for repayment of the full value of any facility supported by CBILS.

The Coronavirus Business Interruption Loan Scheme (CBILS) 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 (BEIS).

How can I access CBILS through Braemar Finance?

If you are an existing Braemar Finance customer or are a new customer with a need for a CBILS-backed finance facility, please fill in the form below. 

For new clients, Braemar Finance specialise in funding to professionals and their businesses. If you or your business falls outside this criteria, you may be able to apply for CBILS via one of our other divisions within Close Brothers. 

Please note that if we are able to offer finance on normal commercial terms without the need to make use of the scheme, we will recommend this.

Full details on CBILS eligibility criteria can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS

Is my business eligible?

To be eligible for support via a CBILS facility, a business must:

1. Be a viable UK based business, with a turnover of no more than £45m per annum

2. Generate more than 50% of its turnover from trading activity

3. Require a CBILS-backed facility to support primarily trading in the UK

4. Borrow up to a maximum of £5m (finance terms are up to six years for term loans and asset finance)

Enquire about CBILS

  1. Your application must be for business purposes and the business must have been adversely impacted by the Coronavirus (COVID-19)
  2. You must be a UK-based SME with annual turnover of up to £45m
  3. Your business must generate more than 50% of its turnover from trading activity
  4. Your CBILS-backed facility will be used to support primarily trading in the UK
  5. You wish to borrow up to a maximum of £5m. (Finance terms are up to six years for term loans and asset finance. For overdrafts and invoice finance facilities, terms will be up to three years)
 

Tick here to confirm:

Are you a new or existing customer?