The Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme is now closed to new applications.
Please note applications received by 23.59 on 31 March 2021 can still be processed through to 31 May 2021.
If you have a query about CBILS , or wish to discuss an outstanding application, please contact us in the usual way.
Recovery Loan Scheme
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found on the British Business Bank website.
ART Business Loans is an accredited partner of the scheme
Scheme closes 31st March 2021 and all applications need to be received by this date
This is a new scheme that supports smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
You must be a UK-based SME with an annual turnover of up to £45 million per year and your business must generate more than 50% of its turnover from trading activity. Your application must be for business purposes to support primarily trading in the UK.
The business must have a borrowing proposal which were it not for COVID-19 would be considered viable by the lender, and for which the lender believes the provision of finance will enable the businesses to trade out of any short to medium term difficulty.
Please note our loan support is only available across the Midlands Region, Herefordshire, Shropshire, Staffordshire, Worcestershire, Warwickshire, West Midlands, Oxfordshire, Derbyshire, Leicestershire and Gloucestershire
Frequently Asked Questions
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 for State for Business, Energy and Industrial Strategy (BEIS).
• Loans between £50,001- £150,000
• Terms up to 6 years
• No guarantee fee for SMEs to access the scheme
• Interest and fees paid by Government for 12 months
• Personal guarantees will not be required
• The borrower always remains 100% liable for the debt
For Further details of the scheme visit these pages at British Business Bank or watch the short video