Coronavirus Business Interruption Loan Scheme (CBILS)
GC Business Finance is proud to be a partner of Coronavirus Business Interruption Loan Scheme (CBILS).
CBILS is a new scheme, announced by The Chancellor at Budget 2020, that can provide facilities of up to £5m for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
GCBF can support NW based businesses with loans of £25,000 - £100,000 subject to eligibility.
CBILS supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance.
- This scheme is just one of a number of measures announced by Government and you can find full details of the temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19 here.
- FAQ's about CBILS can be found here.
- Where we can offer finance on normal commercial terms without the need to make use of the scheme, we will do so.
- You gain access to lending via this scheme but you, the borrower, remain responsible for repayment of 100% of the outstanding facility at all times and not just the amount of the facility outside the coverage of the Government guarantee.
- We will be updating this page regularly.
To help us to make sure you're eligible, please ensure you can say yes to the below criteria before applying:
- You must have been declined by the bank
- Your business is B2B not B2C (your customers are other businesses not individuals/the public)
- You are based in the North West
- Your application must be for business purposes
- You must be a UK-based SME with annual turnover of up to £45m
- Your business must generate more than 50% of its turnover from trading activity
- Your CBILS-backed facility will be used to support primarily trading in the UK
- You wish to borrow up to a maximum of £100,000. (Finance terms are up to five years for term loans)
For businesses who do not meet the above criteria you can see a full list of CBILS providers here and the latest government support here.
How to Apply
GC Business Finance are currently working to ensure demand for CBILS is met with a quick and easy approach for businesses wishing to access the loans.
We have updated our application form, please note due to the high demand you should allow for up to 3 working days for a response from our team.
For FAQ’s please click here.
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