Business Interruption Loan Scheme in response to COVID-19

Last week we published an overview of the £350 billion package unveiled by the government to provide support for UK businesses in response to the Coronavirus pandemic. One of these measures is the Coronavirus Business Interruption Loan Scheme (CBILS) which went live on 23 March 2020 and provides loans for smaller businesses facilitated by the British Business Bank. We examine some of the key features of the Scheme and some practical suggestions if you are considering applying.

What are the key features of the scheme? It is important to note that applicants would still make applications through their preferred finance provider, who in turn deals with the British Business Bank. CBLIS is all about encouraging lenders to continue to advance funds to their customers.

For further information please check your eligibility with the following Banks.

Lloyds

https://www.lloydsbank.com/business/coronavirus/cbils.html?WT.ac=lloyds-bb_and_sme-covid_19-support-tile-FOM-cbils_homepage

HSBC

https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/coronavirus-business-interruption-loan-scheme

Barclays

https://www.barclays.co.uk/business-banking/borrow/coronavirus-business-interruption-loan/

Natwest

https://www.business.natwest.com/business/support-centre/service-status/coronavirus/government-scheme.html

British Business Bank 

For additional lenders and information please check the link to British Business Bank

Coronavirus Business Interruption Loan Scheme (CBILS)

For alternattive business loans please contact us on 0208 572 1237

 

 

 

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