Coronavirus Business Interruption Loan Scheme available from Skipton Business Finance
The recently launched Coronavirus Business Interruption Loan Scheme is now available from Invoice Finance provider, Skipton Business Finance, alongside an Invoice Finance facility to support UK SMEs through the Coronavirus pandemic.
As an accredited partner of British Business Bank, Skipton Business Finance is offering UK SMEs support through the Coronavirus Business Interruption Loan Scheme (CBILS) recently announced by the Chancellor at Budget 2020. CBILS provides lenders with a government-backed guarantee and supports a range of business finance solutions such as term loans, invoice finance and asset finance.
The scheme, delivered by British Business Bank, offers facilities of up to £5m for small-to-medium sized businesses across the UK, who are experiencing financial difficulties as a result of the current COVID-19 pandemic.
According to guidelines set out by British Business Bank, the maximum value of a facility provided under the scheme is £5m which will be available on repayment terms of up to six years and provides the lender with an 80% government guarantee.
SMEs will not have to pay any fees to access this guarantee and any interest or fees will be paid by the government for 12 months. It is important for businesses to note that the borrower will always remain 100% liable for the debt.
In order to be eligible for the scheme, applications must be from UK-based businesses with a turnover of no more than £45m per year. The scheme is specifically designed for businesses that have displayed a borrowing proposal which, if not for the current COVID-19 pandemic, would be considered viable by Skipton Business Finance. The lender must believe that the provision of finance will enable the business to function through any short-to-medium term difficulty.
Unfortunately, the scheme will not be available in the form of a standalone loan from Skipton Business Finance but will instead be available alongside an Invoice Finance facility and will only be available for B2B businesses.
Greg Bell, managing director at Skipton Business Finance, said: “We know that businesses are in urgent need of support in these uncertain times.”
“As an accredited lender of the Coronavirus Business Interruption Loan Scheme, we can offer SMEs a government-backed loan alongside an invoice finance facility.” Mr Bell added.
“We hope that this scheme will give UK SMEs the much-needed support to allow them to continue functioning throughout the current pandemic.”
Applications are now open for the Coronavirus Business Interruption Loan Scheme through Skipton Business Finance alongside an invoice finance facility. For more information please visit www.skiptonbusinessfinance.co.uk to make an enquiry.