Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan (CIBL) Scheme is provided by the British Business Bank, of which Skipton Business Finance is an accredited lender. The aim of the scheme is to support the continued provision of finance to UK businesses during the Covid-19 outbreak.

How Much Can I Borrow?

UK businesses can apply borrow up to £5m via the scheme. Skipton Business Finance will only provide a facility under the scheme to run alongside an Invoice Finance facility. Standalone applications unfortunately will not be considered. 

Am I Eligible?

This scheme is specifically designed for businesses who can demonstrate a proven track record of success prior to the disruption caused by the current COVID-19 pandemic.

Businesses will need to articulate their cashflow requirements to successfully trade through the short to medium term.

Will I have to pay interest on my loan?

The loan is interest free for the first 12 months, after this period normal commercial rates will apply. No early repayment charges will be applied on the loan.

Can Skipton Business Finance provide a standalone Coronavirus Business Interruption Loan?

No. The Coronavirus Business Interruption Loan (CIBL) Scheme can only be accessed alongside an Invoice Finance facility with Skipton Business Finance. 

What is the maximum term of the Coronavirus Business Interruption Loan (CIBL) Scheme?

Products covered by the scheme have a maximum term of 6 years. 

Repayment holidays of up to 6 months will be made available.

Is the Coronavirus Business Interruption Loan (CIBL) Scheme a loan or a grant?

The scheme is not a grant. The scheme provides a Government guarantee to Skipton Business Finance to allow us to provide finance, but you will still have to repay this loan or facility.

The Government has announced a number of support measures for businesses such as grants which businesses may be eligible for. Further information on these initiatives is available here.

The British Business Bank

The Coronavirus Business Interuption 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). 

Both CBILS and BBLS are managed by The British Business Bank.

The British Business Bank is 100% Government owned but independently managed. It brings expertise and Government money to the smaller business finance markets. They don't lend or invest directly, instead working with over 130 partners such as Skipton Business Finance. 

Businesses apply for finance through partners who, because they work with the BBB, can lend and invest more - especially to younger and faster growing companies.