MPH Vehicle Solutions Ltd

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Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (“CBILS”) can provide working capital for smaller businesses in the UK who are experiencing lost or deferred revenues due to coronavirus.

What is the Coronavirus Business Interruption Loan Scheme?

british business bank logo

The British Business Bank’s Coronavirus Business Interruption Loan Scheme ("CBILS") facilitates lending to smaller businesses. It is only available through accredited CBILS lenders and is designed to help SMEs manage cash flow during the COVID-19 pandemic.

Under the scheme, we can offer government-backed loans between £1,000 and £5m to businesses using our asset finance facilities.

The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.

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

  • Be a viable UK based business, with a turnover of no more than £45m per annum
  • Generate more than 50% of its turnover from trading activity
  • Require a CBILS-backed facility to support primarily trading in the UK
  • Borrow up to a maximum of £5m (finance terms are up to six years for term loans and asset finance)
  • Your turnover has to be less than £45m

What if I have already got a Bounce back Loan?

If you have already applied for a Bounce Back Loan, this will need to be settled and added to the CBILs deal as you cannot have both. 

How long can I borrow the money over

Agreements can be up to 6 years and you will receive 12 months interest-free so will only pay the capital for the first 12 months.

After this point, you will then pay the remainder of the interest and capital.

Do I have to provide a Personal Guarantee (PG)

You do not need to provide a personal guarantee for a CBILS loans up to £250,000.

The government provides the lender with a partial guarantee of 80% on your behalf. 

It is important to understand that the business is liable for the full loan amount. The Government’s guarantee is to the lender, not the business. Only when the business is unable to repay would the government’s guarantee come into effect.

For more inforamtion

MPH have lenders that are authorised to offer CBILs loans, If you would like to know more information please call 01242 505051 or request a call back

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9th of June 2020