The Coronavirus Business Interruption Loan Scheme (the “CBIL Scheme” or “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).
The purpose of the scheme is to support UK SME businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow, as a direct result of COVID-19.
CBILS can be utilised alongside an IGF Invoice finance facility to provide ‘additional lending’ of up to £500k (subject to IGF’s core lending criteria).
The scheme provides IGF with a government-backed guarantee to facilitate lending during a time when the borrower may not have passed ‘normal’ lending criteria thresholds. The Government guarantee is to IGF (‘the lender’) and the borrower remains liable for 100% of any facility that may be provided.
Important notice: IGF are able to offer CBILS facilities to prospective and existing invoice finance customers, however we are unable to offer standalone loans.
To help you understand if you may be eligible to apply for a CBILS-backed facility with IGF, please ensure you can answer YES to the following points below, before downloading and completing the CBILS enquiry form.
- Does your business or ‘group’ of businesses have a combined annual turnover of up to £45 million per annum?
- Is your business UK based, and will your CBILS facility be used to support primarily trading in the UK, and on credit terms?
- Has your business been adversely impacted as a direct consequence of COVID-19?
- Can you demonstrate that your business would’ve been able to afford this lending before the COVID-19 outbreak?
If you have answered No to Any of the eligibility criteria, an IGF facility may not be the right solution for your business at this time.
There are currently over 40 accredited lenders using the scheme, so it’s possible another lender may be able to help – Further details can be found on the British Business Bank website.
If you have answered YES to All of the eligibility criteria, please download and complete the CBILS enquiry form here.
Once complete please send to CBILS.Enquiry@igfgroup.com with your company name as the subject title, accompanied by:
- Prior Year End Annual Accounts
- Up to date Management Information
- 12 months P&L B/S and Cash flow forecasts
- An up to date summary Sales Ledger, aged by Invoice date
Only once the completed enquiry form and all supplementary information is received can your enquiry be considered.