The Coronavirus Business Interruption Loan Scheme is now closed to new applications.
Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you have a query about CBILS, or wish to discuss an outstanding application, please contact us in the usual way.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021.
The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts.
Further information can be found on the British Business Bank website.
CBILS closed for new applications at 11.59 on 31 March 2021.
Smaller businesses from all sectors can apply for the full amount of the facility**. To be eligible for a facility under CBILS, a business must:
** The following trades and organisations are not eligible to apply: banks, building societies, insurers and re-insurers (but not insurance brokers); The public sector including state-funded primary and secondary schools; employer, professional, religious or political membership organisation or trade unions.
You can apply for a CBILS loan using our online application form.
BEF support CBILS applications between £50,001 to £150,000. The scheme has a maximum limit of £5 million.
Business Enterprise Fund offers terms up to 5 years with interest and fees paid by Government for 12 months.*
CBILS gives the lender a government-backed guarantee for the loan repayments to encourage more lending. Under the scheme, personal guarantees of any form will not be taken for facilities below £250,000.
The borrower remains fully liable for the debt.
No, CBILS is complimentary scheme to the Bounce Back Loan.
Under the Bounce Back Loan Scheme a lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.
The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest). The borrower always remains fully liable for the debt.
Please note that we are not a delivery partner for the Bounce Back Loan Scheme.
You can’t hold a Bounce Back Loan and a CBILS loan at the same time. However, if you have a Bounce Back Loan, you can still apply for a CBILS loan and, if your application is approved, you’ll then be asked to settle your Bounce Back Loan.
To find answers to common questions around CBILS and how it relates to SMEs please see the CBILS FAQs for SMEs.
Early repayment fees apply. Please refer to Section (6) Repayments of our Terms of Engagement.
Fixed or variable rate finance available for up to 100% of your funding requirement.
Impersonal letters and automated telephone services are not our style, all clients are connected with a member of our team.
Each client is recognised as an individual and their business is assessed in the same way.
Loans available to all sectors that are designed to meet the needs of each client.
Various repayment options available.
Once you click Apply you’ll be asked to register for an account. Here you can track and update your application profile. If you’re an existing client you can log in and pick up where you left off.
This is where you explain the nuts and bolts of your business. Questions are straight forward and designed to help us understand your need.
We don’t rely on computer generated decisions! At this point you may be asked to shed light on some further details; your own Investment Manager will be in touch.
If your application is successful it’s go time! We’ll transfer funds to your account and you can put them to use right away. If you’re unsuccessful we endeavour to provide feedback and guidance to help you in going forward.
"Thanks to the loan, we’re now able to implement our growth plan."
"The support from BEF has enabled us to revamp the deli and maintain our outstanding reputation. Mark and the team were so friendly and helped us through the process every step of the way."
"Throughout our journey so far, we have turned to BEF first for our funding requirements."