A new scheme has been launched by the government to help SME businesses across the UK cope with the huge challenges and uncertainty due to the worldwide Coronavirus pandemic.

Arranged through the British Business Bank, The Coronavirus Business Interruption Loan Scheme (CBILS) which was announced in The Chancellor’s 2020 Budget is now live.

CBILS is a new scheme that can provide facilities for smaller businesses across the UK who are experiencing lost or deferred revenues leading to cash flow disruptions through this period.

The scheme provides the lender with a government-backed, partial guarantee against the outstanding balance of the finance.

The Government will make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied charges.

CBILS is available on:

• Asset Finance
• Term loans
• Overdrafts
• Invoice Finance

All finance is subject to approval and certain criteria is needed to be met to qualify for CBILS.
See the eligibility criteria below. The borrower remains 100% liable for the debt.

Find out more about CBILS and how they can help your business on the British Business Bank website here.

For more information and to see if your business is eligible, please contact Dealer Net Finance today on 0191 586 6168 or drop us a message through our Contact Us form.

Download the Coronavirus Business Interruption Loan Scheme (CBILS) Eligibility Criteria here.