Coronavirus Business Interruption Loan Scheme
Provided by Arbuthnot Commercial ABL
The Coronavirus 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 wish to discuss an outstanding application, please email us ABL@arbuthnot.co.uk
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.
Arbuthnot Commercial ABL is an accredited lender of the government’s Coronavirus Business Interruption Loan Scheme (CBILS). CBILS offers affected businesses with turnover of up to £45m the opportunity to borrow up to £5m, for a term of up to six years.
If you are a client of Arbuthnot Latham, please instead visit their page on CBILS loans for more information.
- Government-backed initiative provided by the British Business Bank
- Loan value between £50,001 and £5m
- No interest, fees or repayments for the first 12 months of the loan
- Term loans and asset finance facilities available up to six years
- Overdrafts and invoice discounting available up to three years
- Existing Arbuthnot Commercial ABL clients have priority to facilities, however new applicants will be considered
- Minimum total facilities of £1m including the CBILS loan alongside an Invoice Discounting facility
- Your business, or group of businesses must have an annual turnover of no more than £45m
- Your business must be based in the UK
- Your CBILS-backed facility must be used to primarily support trading in the UK
- Your business must generate more than 50% of its turnover from trading activity
- You must have a borrowing proposal which, were it not for the current pandemic, would be considered viable
- You must self-certify that you have been impacted by the Coronavirus pandemic (COVID-19)
- Additional security and personal guarantees may be required
You will need to provide:
- Prior year end annual accounts
- Up to date management information
- 12 months P&L, balance sheet, and cash flow forecasts
- An up to date summary sales ledger, aged by invoice date
- Evidence of the measures taken to mitigate the impact of the coronavirus pandemic
If you are looking for a standard CBILS loan, please instead visit Arbuthnot Latham.
The scheme provides Arbuthnot Commercial ABL with a government-backed guarantee to facilitate lending during a time when the borrower may not have passed ‘normal’ lending criteria thresholds.
The Government guarantee is to Arbuthnot Commercial ABL (‘the lender’). Your business (‘the borrower’) remains liable for 100% of the loan.
Director, Business Development
(Midlands and South West)
Director, Business Development
About the Scheme
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).
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.