The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative to support small and medium-sized businesses. The government provides lenders like NatWest, with a guarantee for 80% of qualifying loans.
Note, the borrower remains liable for all of the debt.
Borrow from £50,001 up to £5m.
Loan terms up to 6 years with fixed and variable interest rates available.
12 month capital repayment holiday is automatically applied at the start of the loan (this may mean you pay more interest over the term).
Interest for the first 12 months is paid by the government, and then by you for the remainder of the loan term.
Choose to make repayments at any time with no early repayment fee.
Security may be required. Over 18s only. Subject to status. Business use only. Any property or asset used as a security may be repossessed or forfeited if you do not keep up repayments on any debt secured on it. Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.
You're a UK-based business;
Your annual group turnover is no more than £45m;
You can certify that your business has been adversely impacted by coronavirus;
You can show evidence of affordability for lending prior to coronavirus.
You're a bank, insurer, reinsurer (but not insurance broker); public-sector body; further-education establishment, if grant-funded, or state-funded school.
Your business is subject to collections or collective insolvency proceedings.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk.
Lending from £2k to £50k over 6 years for businesses impacted by coronavirus. No interest payments for 12 months.
If you bank with us you could be eligible for a Capital Repayment Holiday on your Business Loan.
We're waiving set up fees on overdrafts with limits up to £5,000.
An overview of government support, including the job retention scheme, business rate holidays, Covid Corporate Financing Facility and tax support.
We understand these are difficult times. If you're in need of a helping hand, we're here to support you.
