How does CBILS work for small businesses?
The Coronavirus Business Interruption Loan Scheme (“CBILS”) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak.
The scheme is a part of a broader package of government support for UK businesses and employees.
CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need.
Access to the scheme has been opened up to those smaller businesses who would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme.
This significantly increases the number of businesses eligible for the scheme. The expanded scheme will be operational with lenders from Monday 6 April 2020.
The British Business Bank has details of the CBILS on their website.