The Coronavirus Large Business Interruption Loan Scheme (CBILS) helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.


The Coronavirus Large Business Interruption Loan Scheme (CLBILS) helps mid-sized and larger UK businesses to access loans and other kinds of finance up to £200 million.


These schemes are open until 31 March 2021.


Small-Medium businesses

  • The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
  • The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
  • Turnover is up to £45mil


Eligibility


A business can apply for a loan if they:

  • are based in the UK
  • have an annual turnover of up to £45 million


They need to show that their business:

  • would be viable were it not for the pandemic
  • has been adversely impacted by the coronavirus


If they want to borrow £30,000 or more, they also need to confirm that their business wasn’t classed as a business in difficulty on 31 December 2019.


Supporting documents


They'll need to provide documents that show you can afford to repay the loan.


These may include:


  • management accounts
  • cash flow forecast
  • business plan
  • historic accounts
  • details of assets

The documents required will vary from lender to lender and depend on how much they're asking for. If they're asking their existing lender for a small loan, the process may be automated and not require all of the documents.


The lender will check that the loan is:


  • for a suitable business purpose
  • affordable for them
  • the right type of finance for their needs

The lender will decide whether to offer them a loan or another type of finance and they'll be responsible for repaying 100% of the amount borrowed.


Large business


  • The scheme helps medium to large businesses to access loans and other kinds of finance up to £200 million.
  • The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
  • Turnover is over £45mil


Eligibility


A business can apply for a loan if they:

  • are based in the UK
  • have an annual turnover of over £45 million
  • can self-certify that your business has been adversely impacted by coronavirus
  • have not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)


Supporting documents


They'll need to provide documents that show they can afford to repay the loan.


These may include:

  • management accounts
  • cash flow forecast
  • business plan
  • historic accounts
  • details of assets


The lender will check that the loan is:


  • for a suitable business purpose
  • affordable for you
  • the right type of finance for your needs

The lender will decide whether to offer them a loan or another type of finance. Their business will be responsible for repaying 100% of the amount they borrow.


CBILS/CLBILS workflow


We have made a workflow available in Senta to enter CBIL/CBILS claim details for your clients.


This workflow contains:

3 x job templates "CBILS/CLBILS eligibility", "CBILS checklist (small-medium businesses)", "CLBILS checklist (large businesses)"

1 x service "CBILS/CLBILS service"

3 x forms "CBILS/CLBILS Eligibility Form", "CBILS requested loan amount (small-medium businesses)", "CLBILS requested loan amount (large businesses)"

2 x lookups "CBILS requested loan amount (small-medium businesses)", "CLBILS requested loan amount (large businesses)" 



Please note:

  • All tasks are assigned to the account manager role
  • You will need to turn the service on manually for practices. If you want this to run automatically, you will need to change the service to be automatic


If you would like this workflow added to your site, please contact support@senta.co.




Correct as of 27/01/2021


Sources:

https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/cbils-faqs-for-smes/

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/clbils/