CBILS is the Coronavirus Business Interruption Loan Scheme, an initiative set-up by the Government to help the SME sector, across the UK, who need some additional support as result of COVID-19.
The scheme is operated by the British Business Bank via its accredited lenders which includes high-street banks, asset finance and specialist loan lenders. These lenders are able to provide up to £5million for loans, overdrafts, invoice finance and asset finance to eligible businesses.
To encourage more lending opportunities CBILS will provide the lender with a government-backed guarantee for all loan repayments though, of course, the borrower will remain liable for the debt.
Since its launch CBILS continues to develop and in fact it now allows several smaller businesses, who have previously met requirements for a commercial lending facility but were not eligible for the scheme, to apply for a CBILS loan.
Here at NGI, we have facilitated several CBILS finance deals over recent months and as a result we know exactly how the process works and who to approach to ensure that your application is successful.
For help please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.