Coronavirus Business Interruption Loan Scheme
Corona Virus (Covid-19) Business Loan Interruption Scheme London – The Aftersales Network
Supporting Your Business During Coronavirus!
Get the financial help backing you need to help your business cope with coronavirus (COVID-19) through this government-backed scheme.
This scheme is designed to support UK based small and medium-sized businesses, with a turnover of up to £45 million, with a viable business proposition but are struggling with the challenges of the Covid-19 outbreak.
Loans up to £5 million You can apply for a loan between £50,001 and £5,000,000 from us.
Flexible terms available Spread repayments of your loan up to 6 years.
Interest free period In order to support client cash flow issues, the arrangement fees and the first 12 months interest will be paid by the UK government as a “Business Interruption Payment”.
What Is CBILS?
The Corona Virus Business Loan Interruption Scheme can provide finance of up to £5m for smaller businesses accross the UK experiencing lost or deferred revenues causing disruptions to cashflow.
Finance of up to £5 million
The maximum value of a facility provided under the scheme is £5 million, available on repayment terms of up to six years.
Guarantee to the lender to encourage them to lend
The scheme provides the lender with a government-backed, partial guarantee against the outstanding balance of the finance. The borrower remains 100% liable for the debt.
Government pays interest and fees for 12 months
The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.
For term loans and asset finance facilities: up to six years. For overdrafts and invoice finance facilities: up to three years.
Insufficient security is no longer a condition to access the scheme. For all facilities, including those over £250,000, CBILS can now support lending to smaller businesses even where a lender considers there to be sufficient security, making more smaller businesses eligible to receive the Business Interruption Payment. No personal guarantees for facilities under £250,000. Personal guarantees may still be required, at a lender’s discretion, for facilities above £250,000, but they exclude the Principal Private Residence (PPR) and recoveries under these are capped at a maximum of 20% of the outstanding balance of the CBILS facility after the proceeds of business assets have been applied.
No guarantee fees for businesses
There are no guarantee fees for SMEs. Lenders pay a fee to access the scheme.
Apply for your Corona Virus Business Loan now…
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