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Coronavirus Business Interruption Loans (CBILS)

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Ask Inclusive Finance (AskIf) is a CBILS accredited lender. We can offer CBILS loans from £10,000 to £60,000 to businesses that have been trading for a minimum of 12 months. We are an inclusive lender that combines a ‘human touch’ customer approach with tech to deliver a streamlined customer experience.

AskIf’s underwriting process is heavily skewed towards assessment of affordability and understanding borrower circumstances to establish suitability.  Lending managers support the borrower through the application process and help applicants fill in the ‘data gaps’ to unlock approval.  AskIf is focussed upon helping borrowers unable to secure finance from mainstream banks and online lenders.

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About CBILS

The Coronavirus Business Interruption Loan Scheme (CBILS) can provide facilities of up to £5m for UK smaller businesses (SMEs) across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.

The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’.

Delivered by the British Business Bank, through 40+ accredited lenders and partners, CBILS will support the continued provision of finance to UK SMEs during the Covid-19 outbreak.

Lenders will pay a fee to access the scheme.The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

1. Following earlier discussions with the banking industry, some lenders indicated that they would not charge arrangement fees or early repayment charges to SMEs borrowing under the scheme. HM Government greatly appreciates this approach by lenders.

2. Fishery, aquaculture and agriculture businesses may not qualify for the full interest and fee payment.

CBILS supports a wide range of business finance products, including:

  • Term loans
  • Overdrafts
  • Asset finance
  • Invoice finance

Note: Not every lender can provide every type of finance listed.

Scheme features

Full details can be found at: www.british-business-bank.co.uk/CBILS

CBILS guarantees facilities up to a maximum of £5m available on repayment terms up to six years. The scheme provides the lender with a government-backed partial (80%) guarantee against the outstanding facility balance.

Note: the borrower always remains 100% liable for the debt.

There is no guarantee fee for SMEs to access the scheme.

Finance terms are up to six years for term loans and asset finance. For overdrafts and invoice finance facilities, terms will be up to three years. At the discretion of the lender the scheme may be used for unsecured lending for facilities of £250,000 and under. For facilities above £250,000, the lender must establish a lack of, or absence of security prior to the businesses using the CBIL Scheme. Primary Residential Property (PPR) cannot be taken as security under the scheme.

Note: If the lender can offer finance on normal commercial terms without the need to make use of the scheme, they will do so.

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The scheme can provide facilities ofup to £5m for UK smaller businesses (SMEs) who are experiencing increased costs or disruptions to their cashflow.

The scheme provides the lender with a government-backed guarantee, potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. SMEs from all sectors can apply for the full amount of the facility.

How does a small business apply for a CBILS-supported facility?

A UK-based smaller business that is experiencing lost or deferred revenues, leading to disruptions to their cashflow, needs funding.

1

The business must have a borrowing proposal which, were it not forthe COVID-19 pandemic, would be considered viable by the lender, and for which the lender believes the provision of finance will enable the business to trade out of any short-to-medium term difficulty.

2

The government, operating through the British Business Bank, guarantees 80% of the facility balance to the lender, which may enable a ‘no’ credit decision to become a ‘yes’.

3

The lender, using the Coronavirus Business Interruption Loan Scheme, can now offer the finance facility requested, providing all other lending criteria can be met2. The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees3, so smaller businesses will benefit from no upfront costs and lower initial repayments.

4

The business now has the finance it needs to sustain its operations during this period of uncertainty. The business remains liable for paying 100% of the outstanding facility.

5

Apply for up to £60,000 now

Got a question? Email us at [email protected]

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. Full details can be found at:  

www.british-business-bank.co.uk/CBILS