The UK Governement launched the CBILS on Monday 23rd March 2020 via existing Enterprise Finance Guarantee (EFG) accredited lenders. As an EFG accredited lender for asset finance, we are able to provide CBILS-backed facilities; these will continue to be in the form of Hire Purchase or Finance Lease agreements.
Our facilities continue to only be available to Limited companies in England and Wales; at this time we do not provide term loan facilities. For customers that wish to raise cash quickly, we continue separately to the CBILS to offer Asset Refinance facilities – these release cash from assets a business already owns or has on existing finance agreements and can be put in place in a matter of days.
For eligible businesses* we are able to provide asset finance facilities to enable them to acquire new or used equipment under CBILS where the balance financed (i.e. cost after deposit) is between £5,000 and £100,000. Please complete this checklist to see if you qualify.
Under CBILS we as a lender will benefit from a guarantee from the UK Government. However, unlike the EFG Scheme, for CBILS facilities interest and fees for the first 12 months will be covered by a Business Interruption Payment from the British Business Bank – borrowers must make capital repayments.
For further information please do not hesitate to contact us on 0161 371 1160. Please be aware that we are experiencing an unprecedented level of enquiries, we are a small team and we will respond to you as soon as possible.
The Coronavirus Business Interruption Loan programme 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. For full details visit www.british-business-bank.co.uk/CBILS