The Coronvirus Business Interruption Loan Scheme (CBILS) is designed to support UK businesses that are losing revenue and seeing their cashflow disrupted because of the COVID-19 outbreak.
It is a government-backed scheme provided by the British Business Bank with the aim of supporting the continued provision of finance to UK businesses. With a CBILS loan, you could borrow up to £5m of additional funding as part of your equipment finance package.
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 £5m to businesses using our equipment finance facilities.
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 £5m 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.
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 BBLS and the list of participating lenders can be found on the British Business Bank website: www.british-business-bank.co.uk
Please note: Close Brothers can only provide CBILS loans to equipment finance customers. We do not offer standalone loans at any time.
To be eligible for support via a CBILS facility, a business must:
If you are an existing Close Brothers Brewery Rentals customer, please contact your account manager who will be able to inform you about the application process.
If you are a new customer interested in applying for both an equipment finance and CBILS facility, please call 01425485421 to speak to one of our funding specialists, or complete our enquiry form.
Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS
