Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme is now closed to new applications.
Please note, applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you have a query about CBILS or CLBILS, or wish to discuss an outstanding application, please contact us.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
What is the Coronavirus Business Interruption Loan Scheme?
The British Business Bank’s Coronavirus Business Interruption Loan Scheme (CBILS) facilitates lending to smaller businesses. It is only available through accredited CBILS lenders and is designed to help SMEs manage cash flow during the COVID-19 pandemic.
Under the scheme, we can offer government-backed loans of up to £5 million to businesses using our equipment finance facilities.
How does it work?
CBILS funding could be added onto your equipment finance facility if your otherwise viable business has been adversely impacted by the COVID-19 pandemic and the provision of finance will enable you to trade out of any short-to-medium term difficulties.
The facility is underwritten, approved and managed by Close Brothers, and repayments are paid directly to us, just like any other business loan. We offer CBILS facilities of up to £5 million over a maximum term of five years.
The scheme provides Close Brothers ("the lender") with a government-backed guarantee against the outstanding facility balance. The guarantee is to Close Brothers, and not the borrower. As with any other commercial transaction, the borrower is responsible for repayment of the full value of any facility supported by CBILS/CLBILS.
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 lenders can be found on the British Business Bank website.
Please note: CBILS/CLBILS loans are now closed to new applications.
Is my business eligible?
To be eligible for support via a CBILS facility, a business must:
- Be a viable UK based business, with a turnover of no more than £45m per annum
- Generate more than 50% of its turnover from trading activity
- Require a CBILS-backed facility to support trading primarily in the UK
- Borrow up to a maximum of £5 million (finance terms are up to five years for term loans and asset finance)
- Be suitable for a Close Brothers equipment finance facility
How can I access CBILS through Close Brothers Brewery Rentals?
The schemes are now closed to new applications. Applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you wish to discuss an outstanding application, please contact us.
Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.
To find out how we can help, call us on
01425 485 421