As of the 4th May 2020, the new government backed loan scheme was launched to assist UK businesses that were struggling to obtain funding under the existing CBILS scheme.

The facility is designed to offer the lenders a 100% guarantee from the UK Government which then allows the lenders to reduce the credit checks needed to advance funds to those most in need of these loan funds.

The scheme offers loans from £2,000 to £50,000 and is based on a 6 years loan term with the first year being payment free (that is no interest of capital repayments until month 13). The government pay the lender the first year’s interest due as well as the lender arrangement fees.  The fixed rate of interest rate has been set by the Chancellor of the Exchequer at 2.5% APR.

The facility is initially only being offered through the High Street banks and so does not allow us to act for clients in making the application. The process is deliberately straightforward and includes several declarations, that are certified by the applicant, as the method of quickly producing the acceptance by the bank.

We do however remain committed to securing fast track acceptances through the CBILS portal which can be found here – CBILS Application Portal

 

To assist our clients and website users there is a handy reference chart below with direct links to the lender’s application pages.

NatWest Apply Now
Lloyds bank Apply Now
Santander Apply Now
Barclays Directly apply though the online business banking app
Clydesdale bank Apply Now
HSBC Apply Now
Bank of Scotland Apply Now
TSB Bank Apply Now

As the list expands, we will update this page and if we are asked to assist our clients in delivering this scheme in the future, we will provide a link to our own application portal.

If for some reason you are not able to secure a BBLS for your business, please contact us or complete a CBILS application to see if that is a better route for your business.

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). Full details on CBILS and the list of participating CBILS Lenders can be found on the British Business Bank website here.

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