Coronavirus Business Interruption Loan Scheme (CBILS)
Support for businesses with a turnover up to £45 million
We are experiencing high levels of demand and are doing all that we can to support our customers at this time.
If Bank of Scotland do not already currently provide your main Business Current Account, please speak to your main bank for support in the first instance.
Key features of the CBIL scheme
Lending through the CBIL scheme starts at £50,001, for lending below £50,001 please consider the Bounce Back Loan Scheme (BBLS)
- CBILS is a government-backed initiative for businesses with a turnover of up to £45 million
- You can apply for a loan between £50,001 and £5 million*, for a term of up to 6 years
- You will not pay any interest or fees for the first 12 months of the loan
- A 12 month capital repayment holiday will be available at the start of the loan
The government has announced an extension for new CBIL applications to 30 November 2020, along with changes to existing loans. If you have an existing CBIL, we’ll provide further details shortly, there’s no need to contact us at this time.
- You must have a borrowing proposal which, were it not for the current pandemic, would be considered viable
- Your business will remain liable for repayment of the loan.
- 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**
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.
To be eligible for the British Business Bank's CBIL scheme:
What we’ll need from you
- Financial Accounts for the last 3 years showing profitability in order to demonstrate serviceability of your borrowing requirements.
- Understanding of what the directors/shareholders have contributed to support the business so far and what other measures have been taken to manage the business through the current challenges.
Dependant on individual circumstances we may require further information, however your experienced lending manager will be able to discuss this with you.
ANY PROPERTY GIVEN AS SECURITY, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
*Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.
** 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).
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
Disclaimer: This is a provisional assessment of eligibility only. This is not an offer of support or confirmation that you'll be eligible for support. An offer of support will be dependent upon a full credit assessment and further checks to confirm scheme eligibility.
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.