The UK Government has extended the CBILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible, should they need finance to keep operating during this difficult time. This means that Trade Associations may now apply, where previously they were exempted.
To be eligible, your organisation must:
- Be UK-based in its business activity.
- Have an annual turnover of no more than £45 million.
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic.
- Self-certify that it has been adversely impacted by the coronavirus (COVID-19).
Businesses from any sector can apply, except for the following:
- Banks, insurers and re-insurers (but not insurance brokers)
- Public-sector bodies
- Further-education establishments, if they are grant-funded
- State-funded primary and secondary schools
UK Government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals. The Government will continue to cover the first twelve months of interest and fees.
Further details on the scheme with details on how to apply can be found here.