The Coronavirus Business Interruption Loan Scheme
We are proud to be accredited as a lending partner for the Coronavirus Business Interruption Loan Scheme (CBILS) with the British Business Bank as we continue to help and support businesses through this crisis. We continue to lend under the scheme and provide support in the form of CBILS Loans and Asset Finance to small businesses. We are working closely with our expert panel of Brokers to manage all applications.
What is CBILS?
The CBILS Scheme is a government initiative designed to support small businesses affected by the coronavirus outbreak. UK businesses can receive funding support ranging from £50,001 up to £5million. Under the scheme, businesses pay no upfront costs, no interest payments for the first 12 months, lower initial repayments and no personal guarantees are required. Finance terms range up to six years for loans and asset finance facilities. The borrower always remains 100% liable for the debt.
Who is eligible for the scheme?
• UK-based businesses with an annual turnover of up to £45million
• Businesses adversely impacted by COVID-19
• Businesses generating more than 50% of its turnover from trading activity
• Businesses looking to borrow up a maximum of £5million
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
Time Loan Finance Limited is authorised and regulated by the Financial Conduct Authority, under firm reference number 710117, for mortgage broking activities. Registered office: Second Floor, St James House, The Square, Lower Bristol Road, Bath BA2 3BH. Registered in England with Company No. 7117511. Commercial Mortgages, Property Development, Buy-To-Let Mortgages and Lending to limited companies is not regulated by the Financial Conduct Authority.