Coronavirus Government Loan Schemes
The British Business Bank’s Coronavirus Business Interruption Loan Scheme ("CBILS") and Coronavirus Large Business Interruption Scheme (“CLBILS”) facilitate lending to businesses.
They are only available through accredited lenders and are designed to help SMEs manage cash flow during the COVID-19 pandemic.
Under the scheme, we can offer government-backed loans up to £5m (CBILS) or up to £100m (CLBILS) to businesses using our invoice finance facilities.
We offer the following government loan schemes:
Coronavirus Business Interruption Loan Scheme (CBILS)
✔ You want to borrow up to £5m
✔ Your business turnover is less than £45m per annum
✔ You have or will open an invoice finance facility with Close Brothers
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
✔ You want to borrow up to £100m
✔ Your business turnover is more than £45m per annum
✔ You have or will open an invoice finance facility with Close Brothers
How does it work?
CBILS/CLBILS funding could be added onto your invoice 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 and CLBILS facilities of up to £100m over a maximum term of three 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 CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS
Please note: Close Brothers can only provide CBILS/CLBILS loans to invoice finance customers. We do not offer standalone loans at any time.
Is my business eligible?
To be eligible for support via a CBILS/CLBILS facility, a business must:
Be a viable UK based business, with a turnover of no more than £45m per annum
Generate more than 50% of its turnover from trading activity and require a CBILS-backed facility to support trading primarily in the UK
Borrow up to a maximum of £5m (finance terms are up to five years for term loans and asset finance, and three years for invoice finance)
Be suitable for a Close Brothers invoice finance facility (usually a B2B company with turnover of £500k or more per annum. If your projected income is less than £500k we may be unable to help you)
Be a viable UK based business, with a turnover of more than £45m per annum
Borrow up to maximum of £100m with CLBILS (finance terms are up to three years
Not have received a facility under the Bank of England’s Covid Corporate Financing Facility (CCFF), or CBILS, or BBLS
Be suitable for a Close Brothers invoice finance facility (usually a B2B company with turnover of £500k or more per annum. If your projected income is less than £500k we may be unable to help you)
How can I access the scheme through Close Brothers?
If you are an existing Close Brothers Invoice Finance 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 invoice finance and CBILS/CLBILS facility, please call 08081499318 to speak to one of our funding specialists.
Full details on eligibility criteria and the list of participating lenders can be found on the British Business Bank website at: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/
If you have a projected turnover above £500k and trade on a business to business basis, please complete our contact form below and we will come back to you. Or call us on 08081499318.**
* Please note our minimum criteria is a projected turnover above £500k. It may be difficult for us to assist if you are below that level.
** Monday to Friday, 9am to 5pm. We are committed to protecting your privacy and recognise our responsibility to keep the information you provide us confidential at all times. Click here to view our privacy policy.
