Coronavirus Business Interruption Loan Scheme (CBILS) – Asset Finance
Support for businesses with a group turnover up to £45 million
If Bank of Scotland do not already currently provide your main Business Current Account or an existing Asset Finance facility, please speak to your main bank for support in the first instance.
Key features of the CBIL Asset Finance scheme
If you are looking to acquire a new asset or finance an existing asset, but your business has experienced difficulties as a result of the coronavirus pandemic, the Coronavirus Business Interruption Loan Scheme may be available to support you.
- CBILS is a government-backed initiative for businesses with a group turnover of up to £45 million
- Facilities are available to existing Lloyds Bank customers, including customers who have an existing Lloyds Bank Asset Finance facility
- You can apply for a Hire Purchase facility between £7,500 and £5 million for a term of 12 months up to 6 years*
- You will not pay any interest for the first 12 months of the facility**
- A low-start option with a 50% lower rental is available for the first 6 months of the facility***
- No upfront arrangement fees
British Business Bank
As a confirmed accredited lender of the government CBIL scheme, we’re here to support our customers during the coronavirus outbreak.
If you require more information about the scheme, please visit the British Business Bank website.
- Your business will remain liable for 100% repayment of the facility
- Your group turnover must be between £3 million and £45 million to be eligible to apply
- We are also offering other government-backed lending schemes that might suit your needs
- If you have already received funding under the Bounce Back Loan Scheme, you cannot apply at this time.
- There has been an update to the ‘Undertaking in Difficulty’ criteria for businesses with a turnover less than £9 million and less than 50 employees. If you didn’t apply for the Coronavirus Business Interruption Scheme because of this reason, or if you have previously applied and believe that you have been declined for this reason, you may now be eligible to re-apply†
To be eligible for the British Business Bank’s CBIL Asset Finance scheme, please review the three sections below:
† For CBIL Scheme facilities of £30,000 or more, as of 30 July 2020, smaller businesses with fewer than 50 employees and also less than £9,000,000 in either annual turnover and/or annual balance sheet total will not be considered 'Undertakings in Difficulty' unless they are (a) subject to collective insolvency proceedings under national law, or (b) in receipt of rescue aid (which has not been repaid) or restructuring aid (and are still subject to a restructuring plan).
The Coronavirus Business Interruption Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.