Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme (CBILS) makes loans from £50,000 to £5m available to small and medium-sized businesses with a turnover from £100,000 to £45 million. The government guarantees 80% of the loan and will pay the interest costs and any fees of finance for the first 12 months.
Applications for this scheme have been extended until Monday 30th November 2020
The scheme is managed by the British Business Bank on behalf of the Government. Click here for a list of banks participating in the scheme
Note: The Coronavirus Business Interruption Loan Scheme is distinct from the Bounce Back Loan Scheme. Please see comparison table below
| Bounce Back Loan Scheme | Coronavirus Business Interuption Loan Scheme | |
| Amount you can borrow | £2,000 to £50,000 | £50,001 - £500,000 |
| Loan term length | 6 years (option to extend to 10 years) | 2 - 10 years (according to agreement) |
| Terms in first 12 months | £0 repayment and 0% interest | £0 repayment and 0% interest |
| Interest rate | 2.5% fixed | Set by the lender, typically 1.8% - 7.4% APR |