The Coronavirus Business Interruption Loan Scheme has ended
Please note that the Coronavirus Business Interruption Loan Scheme (CBILS) has now ended (31 March 2021) and has been replaced by the Recovery Loan Scheme (RLS).
What we know so far about RLS
Funders are currently working through the applications submitted for CBILS up until the deadline of 31 March 2021. More information on RLS will come out in due course as funders handle these existing facilities.
The scheme is live from 6 April 2021 and we will update our website in due course to reflect the information on the scheme, and how we can support UK SMEs.
Details of the scheme include:
Businesses can apply for facilities of up to £10m (maximum £30m per group)
Facilities include term loans, asset finance and invoice finance (subject to the lender being accredited)
Asset finance facilities are available from three months up to six years, with invoice finance available from three months up to three years
There is no minimum trading history requirement to apply
- Interest and fees to be paid by the business from the outset, however, all fees cannot be more than 14.99%
- Businesses that have taken out a CBILS, CLBILS or BBLS facility can access the new scheme
Our advice is to call your relationship manager at PMD Business Finance who can advise you of the up-to-date position of RLS and the options open to businesses. Our scale and position gives us comprehensive access to the market and we will be able to offer choice, competitive rates and flexibility to those who need it.
About PMD Business Finance
PMD Business Finance is one of the UK’s largest independent finance brokers. Our team is expertly placed to help provide SME businesses in the UK with a range of flexible and diverse finance solutions, including:
- Asset Finance
- Supplier Finance
- Invoice Finance
- Business Loans
- Structured Finance
- Merchant Cash Advance
Whether you are considering acquiring business machinery, equipment and vehicles, refinancing existing assets, looking for loans to expand, or cash flow solutions – we can assist you.
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 of State for Business, Energy and Industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website at: www.british-business-bank.co.uk/CBILS