CBILS

Coronavirus Business Interruption Loan Scheme

We are now an accredited lender under the UK Government’s “Coronavirus Business Interruption Loan Scheme” (CBILS) for our Growth Finance Fund.

Contact us on info@whiterockcp.co.uk


What is CBILS?

The Coronavirus Business Interruption Loan Scheme (CBILS) is designed to support the continued provision of finance to UK SMEs during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

Scheme Features

  • The maximum value of a facility provided under the scheme is £5m, available on repayment terms of up to six years.  The maximum value of a facility available under the Growth Finance Fund is £2m.
  • There is no guarantee fee for SMEs to access the scheme. Lenders will pay a fee to access the scheme.
  • The Government will make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments and any fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.
  • The scheme provides the lender with a government backed guarantee against the outstanding facility balance.
  • As with any other commercial facility, the borrower is responsible for repayment of the full facility and remains 100% liable for any debt.

Eligibility

To be eligible for a CBILS loan through the Growth Finance Fund a company:

  • Must be an SME based in Northern Ireland and generally be in the manufacturing, engineering or tradable services sectors with export potential;
  • Must not operate in the excluded sectors, such as coal mining, steel making, shipbuilding, as defined by the EU Risk Capital guidelines or be a company in an insolvency process;
  • Must have the ability to self-certify that the business has been adversely affected by coronavirus;
  • Must have a viable business proposition were it not for COVID-19;
  • Must have an annual turnover of less than £45 million;
  • Must not be a “business in difficulty” at 31st December 2019;
  • Must not have received funding under the Bounce Back Loan Scheme; and
  • Must require funding of between £500,000 and £2,000,000 to be repaid on a term less than 6 years.

If you wish to discuss a potential CBILS application please contact us at info@whiterockcp.co.uk.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the  list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS