Please note: The Government has recently extended the scheme and it’s open for new applications until the 31 January 2021.
The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years.
The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
The scheme is delivered through commercial lenders, backed by the Government-owned British Business Bank.
There are 40 accredited lenders able to offer the scheme, including all the major banks.
Am I eligible?
You are eligible for the scheme if:
- your business is UK based, with turnover of no more than £45 million per year
- your business meets the other British Business Bank eligibility criteria
How do I access it?
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme (and not the British Business Bank). Direct links to accredited finance providers offering the scheme in the Solent LEP area can be found below and a full list of accredited finance providers can be found here.
How do I apply?
Click here to go to a page where you will be taken through the steps on how to apply.