Home » Surviving with Finance » The Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS)

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) differs from the ‘standard’ CBIL in that it is designed for businesses with a turnover in excess of £45 million who can borrow up to £200 million.

Key Features

  • Loans of up to £200 million available
  • No personal guarantees are required for facilities under £250,000
  • For facilities of £250,000 or more, claims on PGs cannot exceed 20% of losses after all other recoveries have been applied
  • A CLBIL can be structured as term loans and revolving credit facilities up to £200 million, and up to £50 million for invoice finance and/or asset finance facility
  • Repayments are from between three months and three years
  • The borrower remains 100% liable for the debt

Eligability

Eligibility for the loan is primarily taken on trust. You must self-declare that your business:

  • Has been impacted by the coronavirus pandemic
  • Was established before 1st March 2020
  • Was not in difficulty prior to the outbreak (i.e prior to 31st December 2019) or currently in the insolvency process
  • Does not have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
  • Is engaged in trading or commercial activity in the UK and derive at least 50% of its income from those activities
  • Is not a bank, insurer or reinsurer, public sector body or state funded primary or secondary school
  • Businesses borrowing more than £50 million will be subject to further restrictions on dividend payments, senior pay and share buy backs during the period of the loan

How to apply

You will need to confirm the amount you would like to borrow and detail what the money is for.

Your application will need to be supported with management accounts, a business plan, and details of current assets, although not all lenders have the same criteria: some may request more information; some less.

To find a lender, check out the accredited lenders’ list or engage with a broker such as Touch Financial who can help with documentation required for each lender and in sourcing multiple offers for you at the same time should an application be declined.

Call us now on 0203 5877700 or fill out the form and one of our consultants will get in touch.

Free Consultation

What our clients say

"Excellent Service. Introduced our company to other companies that has helped move our business forward."

Airtech Systems Ltd - Utilities

“We had the opportunity to use this service for a Customer in May 2018. The Metro RM and SFP visited and spent valuable time with the customer assessing the Arrears that had been accumulating and then offering a revisit in later months. SFP then summarised the position for us via a comprehensive e-mail which had the added benefit of satisfying our credit team. Monthly updates were scheduled via conference call so that we could monitor progress & then react quickly if deterioration was spotted. I would certainly use this service again in future and recommend it to others.“

Head Of Regional Operations, Metro Bank

"The three suppliers that they put in touch with us were all good. One was exceptional and we decided to go with them."

Across-The-Board Recruitment LTD