Coronavirus Government Loan Schemes (UK only)

The British Business Bank’s Coronavirus Business Interruption Loan Scheme ("CBILS") and Coronavirus Large Business Interruption Scheme (“CLBILS”) facilitate lending to UK businesses.

They are only available through accredited lenders and are designed to help SMEs manage cash flow during the COVID-19 pandemic.

Under the scheme, we can offer government-backed loans up to £5m (CBILS) or up to £100m (CLBILS) to businesses using our asset finance or invoice finance facilities.

We offer the following government loan schemes:

CBILS

Coronavirus Business Interruption Loan Scheme

(CBILS)

You want to borrow up to £5m

Your business turnover is less than £45m per annum

You have or will open an invoice finance facility with Close Brothers

CBILS

Coronavirus Large Business Interruption Loan Scheme

(CLBILS)

You want to borrow up to £100m

Your business turnover is more than £45m per annum

You have or will open an invoice finance facility with Close Brothers

How does it work?

CBILS/CLBILS funding could be added onto your asset finance or invoice finance facility if your otherwise viable business has been adversely impacted by the COVID-19 pandemic and the provision of finance will enable you to trade out of any short-to-medium term difficulties.

The facility is underwritten, approved and managed by Close Brothers, and repayments are paid directly to us, just like any other business loan. We offer CBILS facilities of up to £5m over a maximum term of five years and CLBILS facilities of up to £100m over a maximum term of three years.

The scheme provides Close Brothers ("the lender") with a government-backed guarantee against the outstanding facility balance. The guarantee is to Close Brothers, and not the borrower. As with any other commercial transaction, the borrower is responsible for repayment of the full value of any facility supported by CBILS/CLBILS.

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

Please note: Close Brothers can only provide CBILS/CLBILS loans to invoice and asset finance customers. We do not offer standalone loans at any time.

business meeting

Is my business eligible?

 

To be eligible for a CBILS facility, a business must:

1 Be a viable UK based business, with a turnover of no more than £45m per annum

2 Generate more than 50% of its turnover from trading activity

3 Require a CBILS-backed facility to support trading primarily in the UK

4 Borrow up to a maximum of £5m (finance terms are up to five years for term loans and asset finance, and three years for invoice finance)

Be suitable for a Close Brothers asset finance or invoice finance facility (usually a B2B company with turnover of £500k or more per annum)

 

To be eligible for a CLBILS facility, a business must:

1 Be a viable UK based business, with a turnover of more than £45m per annum

2 Borrow up to maximum of £100m with CLBILS (finance terms are up to three years

3 You have or will open an invoice finance facility with Close Brothers

4 Be suitable for a Close Brothers invoice finance facility (usually a B2B company with turnover of £500k or more per annum. If your projected income is less than £500k we may be unable to help you)

How can I access the scheme through Close Brothers?

If you are an existing Close Brothers Commercial Finance customer, please contact your account manager who will be able to inform you about the application process.

If you are a new customer interested in applying for asset finance or invoice financeand a CBILS/CLBILS facility, please call 08081499318 to speak to one of our funding specialists.

Full details on eligibility criteria and the list of participating lenders can be found on the British Business Bank website at: 
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/

British Business Bank logo

 

Useful links

CBILS - FAQs for SMEs

CLBILS - FAQs for SMEs

CBILS and CLBILS diagram

 

 

Call today to discuss your requirements: 028 9344 1410