The Coronavirus Business Interruption Loan Scheme (CBILS) is a government-supported lending program created to assist UK small to medium enterprise (SME) businesses experiencing cash flow disruptions and lost revenue due to the COVID-19 pandemic. Eligible businesses may apply for CBILS finance through an accredited lender approved by the British Business Bank (BBB).

Businesses can borrow up to £5 million in the form of four finance product categories:

  1. Term Loan
  2. Asset Finance
  3. Invoice Finance
  4. Revolving Credit (Overdrafts)

To bolster businesses during the COVID-19 pandemic, the government pays interest for the first 12 months plus any fees. The government provides the lender with an 80% guarantee but the borrower is still responsible for repaying 100% of the loan plus any accrued interest after the first year.

The CBILS program started on March 17th and is currently scheduled to end on September 30th.

You learn more about the Coronavirus Business Interruption Loan Scheme on the British Business Bank’s website.

Is my business eligible for a CBILS loan?

Businesses with a turnover of less than £45 million can apply for a CBILS loan. Complete details and eligibility can be found here.

In summary, your business must tick the following boxes:

  • UK-based business with at least one company director residing in the UK
  • Annual turnover no greater than £45
  • Operate within an eligible industrial sector
  • Have a borrowing proposal which would be considered viable by the lender if it weren’t for the COVID-19 pandemic and the lender feels the finance will allow the business to continue through any immediate to medium term difficulty.

Is MarketFinance part of the CBILS Program?

Yes! MarketFinance is an accredited CBILS lender and offers two types of finance products under the CBILS program.

  • Term Loan
  • Invoice Finance (Revolving Credit facility)

MarketFinance CBILS Term Loans:

  • Eligibility: Businesses that meet the CBILS eligibility criteria
  • Amount: £50,001 - £150,000
  • Term: 2 - 3 years

MarketFinance CBILS Invoice Finance (Revolving Credit facility)

  • Eligibility: SMEs with an annual turnover of at least £100,000
  • Amount £50,001 - £5 million
  • Term Pay-as-you go or subscription

More information about MarketFinance CBILS offerings can be found here.

CBILS Overview

Here is an overview of the CBILS loan program. The Business Finance Guide is a great learning resource if you’re unfamiliar with some of any of the terminology mentioned below.

  • Loans from £50,001 up to £5 million
  • Term
    • Maximum term of 6 years for Term loans and asset finance
    • Maximum term of 3 years for invoice finance and revolving credit
  • Interest and lender-levied fees paid by UK government for 12 months
  • The lender has an 80% guarantee of outstanding loan backed by the government
  • The borrower is 100% responsible for repaying the outstanding debt and interest that is not paid by the government after the first 12 months
  • Security
    • Loans under £250,000 are unsecured
    • For loans over £250,000 the borrower’s primary residential property cannot secure the loan

CBILS Accredited Lender Delivery Partners

Here’s a list of accredited lenders under the CBILS programme that offer CBILS alternative finance products (Asset Finance, Invoice Finance and Revolving Credit). Some lenders may offer these products in addition to or alongside Term Loans. Currently, there are over 40 accredited lenders with more joining each day. This list includes a summary of the alternative finance product types offered by each lender as well as some details for applicants such as eligibility guidelines from each lender. For example, although the government funds CBILS loans up to £5 million, not every lender may offer loans of that size. In addition, many lenders have a certain niche or speciality, for example, invoice finance offered in the form of a Revolving Credit facility.

1pm:

  • CBILS Products Asset Finance
  • Loan Size No information provided
  • Length No information provided

ABN Amro

  • CBILS Products Asset Finance
  • Loan Size No information provided.
  • Length Up to 3 years

Additional Only available alongside their receivables financing product. Business must have annual turnover between £2.5 million - £45 million

Aldermore

  • Additional CBILS Products Asset Finance
  • Loan Size £50,001 - £250,000
  • Length 12 months - 5 years

Arkle Finance

  • CBILS Products Asset Finance, Term Loan
  • Loan Size £50,001 - £250,000
  • Length 12 - 60 months
  • Additional As part of the Asset Finance program Arkle is offering equipment finance from £5,000 to £250,000 for both new and existing customers. In addition, Arkle can also offer term loans from £2,500 to £50,000 primarily for existing customers

Arbuthnot Commercial ABL

  • Additional CBILS Products Invoice Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional Priority for existing clients although new applicants will be considered as well. Minimum total facilities of £1m including the CBILS loan alongside an Invoice Discounting facility

Bank of Ireland UK

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size Up to £5 million
  • Length Up to 6 years
  • Additional No information provided

Bibby Financial Services

  • CBILS Products Invoice Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional Customers must be other businesses not individual customers (B2B only, no B2C or retail). A business must send invoices to customers and give customers credit terms

Capital on Tap

  • CBILS Products Revolving Credit
  • Loan Size Up to £100,000
  • Length No information provided Additional A CBILS revolving credit facility is not available to existing customers

Calverton Finance

  • CBILS Products Invoice Finance, Term Loan*
  • Loan Size No information provided
  • Length No information provided

Additional Minimum annual turnover of £2.5 million. *Calverton will only provide a CBILS loan in conjunction with an invoice finance facility.

Close Brothers

  • CBILS Products Asset Finance, Invoice Finance
  • Loan Size Up to £5 million
  • Length 12 months - 3 years
  • Additional To be eligible for a Close Brothers invoice finance facility Businesses are usually a B2B company with an annual turnover of £500,000 or more.

Compass

  • CBILS Products Asset Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional Will only lend to print, packaging or engineering companies

County Finance Group

  • CBILS Products Asset Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional Focus on Asset Finance for equipment

Cynergy Bank

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size £50,001 - £5 million
  • Length No information provided
  • Additional Open to both new and existing customers

Genesis Asset Finance

  • CBILS Products Asset Finance
  • Loan Size £5,000 - £100,000
  • Length No information provided
  • Additional No information provided

Danske Bank

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size £50,001 - £5 million
  • Length 12 months - 6 years
  • Additional Based in The Republic of Northern Ireland

Ebury

  • CBILS Products Revolving Credit
  • Loan Size No information provided
  • Length No information provided
  • Additional No information provided

Growth Lending

  • CBILS Products Invoice Finance, Revolving Credit, Term Loan
  • Loan Size £100,000 - £5 million for all three products
  • Length Invoice Finance 2 years, Revolving Credit 2 - 3 years, Term Loan 3 - 5 years
  • Additional 50% of revenue must come from trading activity

HSBC

  • CBILS Products Invoice Finance, Revolving Credit, Term Loan
  • Loan Size £50,001 - £5 million for all three products
  • Length Can be repaid over any period up to 6 years
  • Additional 50% of revenue must come from trading activity

Haydock Finance

  • CBILS Products Asset Finance
  • Loan Size No information provided
  • Length 24 months - 3 years
  • Additional Product offering includes new hire purchase, sales and hire purchase back / refinance for unregulated products only. Apply through their broker network

Hitachi Capital UK

  • CBILS Products Asset Finance, Term Loan
  • Loan Size NNo information provided
  • Length No information provided
  • Additional Priority for existing customers

Independent Growth Finance

  • CBILS Products Invoice Finance, Term Loan
  • Loan Size up to £500,000
  • Length No information provided
  • Additional Able to offer CBILS facilities to prospective and existing invoice finance customers; however, they are unable to offer standalone loans.

Investec

  • CBILS Products Asset Finance, Invoice Finance, Term Loan
  • Loan Size Asset Finance up to £5 million, Invoice Finance from £100,000 - £5 million, Term Loans from £50,001 - £5 million
  • Length 12 months - 6 years
  • Additional No information provided

Iwoca

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size £50,001 - £250,000
  • Length Up to 3 years
  • Additional No information provided

Leumi ABL

  • CBILS Products Invoice Finance, Revolving Credit, Term Loan
  • Loan Size £1,000 - £5 million
  • Length No information provided
  • Additional 50% of revenue must come from trading activity

Paragon Bank

  • CBILS Products Asset Finance, Term Loan
  • Loan Size £50,001 - £500,000
  • Length Up to 5 years
  • Additional Maximum number of employees is 250

Santander

  • CBILS Products Invoice Finance, Revolving Credit, Term Loan
  • Loan Size £1,000 - £25,000 for Revolving Credit, £50,001 - £ 5 million for a Term Loan
  • Length No information provided
  • Additional 50% of revenue must come from trading activity

Scania Financial Services

  • CBILS Products Asset Finance
  • Loan Size £25,001 - £5 million
  • Length 12 months - 6 years
  • Additional Ineligible uses of loan proceeds include refinance of an existing asset finance facility, Hire purchase or leasing of cars or other vehicles subject to personal taxation, variable rate deals and direct financing of specific export activity

Secure Trust

  • CBILS Products Invoice Finance, Term Loan
  • Loan Size No information provided
  • Length No information provided
  • Additional Current clients are eligible for a CBILS term loan and invoice finance top-up to supplement ABL facilities

Shire Leasing

  • CBILS Products Asset Finance, Term Loan
  • Loan Size Asset Finance between £25,000 - £200,000, Term Loans from £50,001 - £100,000
  • Length Up to 6 years
  • Additional Asset Finance includes Sale and Leaseback/Sale and HP Back. Term Loans are initially only for existing Business customers but later may consider new customers as well

Skipton Business Finance

  • CBILS Products Invoice Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional CBILS are only provided in conjunction with an Invoice Finance facility from Skipton

Starling Bank

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size Revolving Credit £50,001 - £150,000. Term Loan £50,001 - £250,000
  • Length Up to 5 years
  • Additional No information provided

The Co-Operative Bank CBILS Products Revolving Credit, Term Loan

  • Loan Size £50,001 - £5 million
  • Length 3 months - 6 years
  • Additional CBILS products are only vailable only to existing Co-Operative Bank customers

Tower Leasing

  • CBILS Products Asset Finance
  • Loan Size £1,000 - £30,000
  • Length 12 months - 6 years
  • Additional Products offered are Asset Finance for equipment. Available to both new and existing Tower Leasing customers

Trade Bridge

  • CBILS Products Invoice Finance
  • Loan Size No information provided
  • Length No information provided
  • Additional No information provided

Triodos Bank

  • CBILS Products Revolving Credit
  • Loan Size No information provided
  • Length No information provided
  • Additional No information provided

Triple Point

  • CBILS Products Revolving Credit, Term Loan
  • Loan Size £500,000 - £5 million
  • Length 12 months - 3 years for Revolving Credit, 12 months - 5 years for Term Loans,
  • Additional Currently only accepting applications from existing customers, but plan to extend CBILS to new borrowers as time permits

TSB

  • CBILS Products Revolving Credit
  • Loan Size £50,001 - £250,000
  • Length No information provided
  • Additional No information provided

Ultimate Finance

  • CBILS Products Asset Finance, Invoice Finance
  • Loan Size Invoice Finance up to £5 million. Term Loans from £50,000 - £500,000
  • Length 12 months - 6 years
  • Additional Must have an annual turnover of at least £1.5 million up to £45 million. 50% of turnover must be generated from trading activity. Term Loans are subject to a maximum 25% Invoice Finance facility and a maximum of double the 2019 wage bill or 25% of 2019 turnover

The CBILS program is open to many qualified SMEs with a minimum annual turnover of £100,000. If your business needs a term loan between £50,001 and £150,000, MarketFinance could be the right fit. MarketFiance’s CBILS term loans may be repaid in up to 3 years with no interest owed by the borrower for the first 12 months and no arrangement fees. This favourable government-backed loan program can give a business quick access to the funds required to restart and reenergise a business as lockdown restrictions ease across the UK.

If your company needs additional cash flow or interim working capital MarketFinance can provide a CBILS revolving credit facility between £50,001 - £5 million. The revolver is backed by your businesses’ outstanding invoices (with long payment terms, where vendors are waiting to be paid on work completed). To learn more about our loan solutions check out our COVID-19 Impact Support Hub or contact us directly here.